War on Drugs...

Megan McArdle (on a roll yesterday) with a piece on the efficacy of the War on Drugs.  She's reacting to the graph at right, showing that despite all the costs of the War on Drugs, and despite the incarceration of hundreds of thousands of drug offenders...the price of illicit drugs just keeps on falling.

As usual, Ms. McArdle finds some unobvious angles to ponder...