Drug Market Regulation – an Institutional Approach
Regulacja rynku narkotyków – podejście instytucjonalne

Summary/Abstract: The aim of the paper is to study the drug market regulations from the institutional economicsperspective and to develop recommendations for policymakers. Authors’ idea is that the government,which considers imposing regulations on drug market, ought to define aspects of this market,which require institutions and then, develop proper institutions’ efficiency or market’s efficiencycriteria. What is more, it should analyse the outcomes achieved by other countries in the field ofdrug policy. Therefore, the article consists of three parts: market failures review regarding drugmarket characteristics, the efficiency of law measures (special reference to Pareto, Kaldor-Hicksor Posner criteria) and Portuguese drug policy effects analysis.

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