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2 pages/≈550 words
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Mathematics & Economics
English (U.S.)
MS Word
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The Individual Term Paper is a research paper based on a current microeconomic issue. In this module, you have to submit an outline for the final project. Your topic must be approved by the instructor. Some suggested topics include (but are not limited to): -The Economics of Recycling -The Recession of 2008 -Salaries of Movie Stars versus the Autoworker -The Supply and Demand of Crude Oil -The Economics of Legalizing Marijuana -The Effect of Protectionism on United States Firms All references must be cited, and there must be at least five different references from different sources. The paper must be about eight pages (2000 words) in length, typed in double space. You should use good punctuation and grammar. You will need to submit the paper as a Microsoft Word document. Be sure to get started on this major course paper early during the second half of the course, as an abstract/outline is due in Module 5. The final paper is due in Module 8. -------------------------------------------------------------------------------- Structure of the Paper Follow the normal writing style—there must be at least four sections to your paper. See example below. -Section I: Introduction—Explain the purpose of your research. -Section II: Literature Review—the information here can come from the library journals and The Wall Street Journal, current or past. -Section III: Analysis of the Literature. -Section IV: Conclusion and Recommendations. (For those of you having problems with writing a research paper, please go to: http://webster(dot)commnet(dot)edu/mla/index.shtml for a quick review) In this module, write an abstract/outline of your paper, 1–2 pages (250–500 words) in length, typed in double space. Include the topics and sub-topics that you plan to explore in your paper. Submit the outline as a Microsoft Word document to the appropriate dropbox for grading. source..

As Jeffrey Miron highlights in his study, (2005), Nobel laureates George Akerlof, Milton Friedman, and Vernon Smith have offered valid reasons for their support for the legalization of marijuana. The top scholars from reputable institutions with accomplished work that has spanned several years have argued that just like tobacco and alcohol, marijuana can bring a great deal of economic significance if legalized. This is because it shall generate a substantial amount of revenue through taxation to the day to day government of respective jurisdictions around the developed world (Caulkins & Bond, 2012). This means that the federal governments in the US for example stand to save on expenditure significantly thanks to the potentially new revenue stream that the legalization of the drug holds. This article seeks to advance and share the knowledge of literature out there regarding the potential that such a move holds for economies around the world.
Literature Review
In this section we shall discuss relevant content to the legalization of marijuana and the economic potential that it holds. We shall discuss the various weighty points that seem to strengthen the case for marijuana legalization with respect to the advantages or benefits they stand to bring to the economy. They include:
Reduction of State Expenditure: What the legalization of marijuana means is that the state may no longer need to allocate or allot funds in the fight against the peddling and consumption of marijuana among residents of any particular jurisdiction (Werb et al., 2012). The amount of money that is spent on making arrests, prosecuting criminals and incarcerating the culprits is considerably significant and this could be channeled toward the development of other key areas of the government.
Increase in State Revenue: By installing appropriate checks and balances for the legal...
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