High Above the Tipping Point?
The tipping point is the value that a population’s expectations for the number of purchasers of a good must be above in order for the good to succeed. Thus, if the expectations are above the tipping point, there will be upwards pressure on demand and sales are likely to reach z”. On the other hand, expectations below the tipping point, then there will be downwards pressure that will likely drive sales down to zero. Typically, this concept of tipping points applies to sales and aspects of the economy, but it is also relevant to other ideas, such as the legalization of marijuana.
In the early 1970s, a mere 12 percent of the American public supported legalization of marijuana. According to today’s polls, however, 57 percent of Americans support legalization. Since 2012, four states and Washington D.C. have legalized recreational marijuana. During the election this month, there were initiatives for legalization in five states, and four other states had initiatives to legalize marijuana for medicinal purposes. The fact that the initiative passed in California means that the national marijuana industry is going to triple in size and is projected to grow to $50 billion by 2026.
Prior to the election, it was said that if a majority of the initiatives passed, it would put a great deal of pressure on the federal government to end its prohibition of marijuana. Because most of the initiatives did pass, it is clear that things are going to change. Overall, this policy matter is clearly nearing a tipping, as was reinforced by the fact that opponents felt the need to spend millions of dollars on statewide campaigns blocking legalization initiatives. As Carla Lowe, the head of Citizens Against Legalizing Marijuana said, “if California votes for the legalization of pot for fun, so goes the nation.” This, passing the initiative in California is the tipping point for legalization throughout the nation.
Sources: http://www.pbs.org/newshour/updates/marijuana-legalization-reach-national-tipping-point-election-day/, https://www.bostonglobe.com/metro/2016/10/24/advocates-see-tipping-point-marijuana-legalization/4ECGGUa6hHEyemzOTnymoJ/story.html