James C Fernald

The Economics of Prohibition James C Fernald

The Economics of Prohibition was originally published in 1890. In the preface, the author says: "The relation of the liquor traffic to Economics is one which the masters of the science have scarcely begun to touch. The case is much like that of a generation ago. When slavery was rocking the continent and soon to deluge it in blood, Political Economy was too busy to discuss a theme like that. But when, in 1858, Eli Thayer declared, 'Why, sir, we can buy a negro-power in a steam-engine for $10, and feed and clothe that power one year for $5. Are we the men to pay $1,000 for a negro slave, and $150 a year to feed and clothe him?' then the problem was nearing its solution. It is worthy of remark that the recent emancipation of slaves in Brazil has been made wholly on economic grounds. So, we believe, it will be with Prohibition. When all men come to see that there is no money in the liquor traffic, except for the trafficker, and for him only by loss to every one else, a final end will be put to this system of organized robbery."