Recreational use of certain substances (such as heroin, cocaine and meth-amphetamines) is banned in many countries. Such bans are justified by the very significant harms to users, and the very high direct and indirect costs of substance use to society. However, such bans can also carry significant costs to society. Some argue that legalising and then regulating substance use is a better approach, much like we do with other harmful, but legal, substances (such as alcohol and tobacco). Outline the economic arguments for and against this approach. Why does elasticity matter in this context