In recent years, many states have "legalized" the recreational and medicinal use of marijuana even though marijuana is classified as a Schedule I illegal substance by the federal government. What would happen to official measures of US GDP if the federal government legalized marijuana? Does this just reflect a change in the way we count things, or do you think there would be a change in the total amount of marijuana produced and consumed?

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If the federal government were to legalize marijuana it would likely lead to an increase in the offi... View the full answer