ControlAs you know, this is a major topic in today\'s political environment. Add

Question

ControlAs you know, this is a major topic in today's political environment. Additionally, 17 there are economic factors which come into play with gun control and constitutional rights under the 2nd amendment. The question you are to discuss is: what is the economic argument for or against gun control? Pick one side and use the economic tools and vocabulary you are learning from the class. Gun control is a government restraint on the freedom to own guns. In your discussion focus on the Demand and Supply of guns and the positive and/or negative externalities that come into play with no gun controls. Address the effect of government limitations on the sale of guns. Remember, this is an economics class, not political science, so keep your answers on the economics. I realize this may be an emotional topic for some people so try to keep emotion out of your discussion and out of your response to other students. Respond to at least 1 student. Remember Netiquette

Explanation / Answer

The government should not interfere in a free market economy unless to correct for market failures or externalities. Possession of guns leads to higher healthcare cost, cost of lives and need for higher spending on enforcement. It is better that the government not intervene in the market, rather correct for the negative externalities indirectly. The government could also put proper property rights in place as to who will get the right to compensation and could also allow for higher compensation in such cases. The demand for guns is inelastic(taking the assumption that it is a luxury good) and supply is relatively elastic. Hence, to counter for the negative externalities that guns cause, the governenment could ramp up the tax on guns. The demand being inelastic would garner a good amount for the government which could further be used to correct for the negative externality through higher spending on law enforcement.

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