The impact of America’s fentanyl epidemic cannot be overstated. In 2022, about 70% of the country’s 110,000 overdose deaths were linked to the synthetic opioid. It is now the leading cause of death for Americans between the ages of 18 and 49. The gravity of the crisis is stark: every 14 months, more people die from fentanyl than in all of America’s wars since the second world war—combined.
At first glance, it might seem unusual to turn to economics for insights into managing a public health crisis. However, economists’ research methods are well-suited for examining this problem. It is unfortunate that the discipline has had little to say about fentanyl. A review of 150 economic studies in 2022 only found two focused on the drug.
The delayed response in economic research has led to a backward-looking bias in discussions about the crisis. Early research primarily focused on earlier waves of America’s opioid addictions. However, the arrival of fentanyl has shifted the landscape, leading to the need for a more up-to-date understanding.
Some economists have begun to focus on the financial roots of the crisis, identifying links between the opioid epidemic and various economic factors. This includes the impact of trade liberalization on overdose deaths, as well as the role of pharmaceutical companies in pushing painkillers.
A new working paper by economists Timothy Moore, William Olney, and Benjamin Hansen offers a novel perspective on the spread of fentanyl. Their study examines the supply side of the equation, finding a strong correlation between import levels and opioid use. This approach provides fresh insights that challenge previous theories.
The study points to the need for a more nuanced understanding of policy responses. It suggests that targeting specific countries or regions might not effectively address the issue. Instead, the focus should shift towards more sophisticated screening operations at all ports of entry to intercept fentanyl smuggling.
This research highlights the need for a rethinking of policy responses and a more holistic understanding of the factors driving the fentanyl crisis. Beyond the narratives of despair and economic disparity, the core issue lies in the accessibility of fentanyl.
The insights from this study provide an important contribution to the ongoing effort to combat the fentanyl epidemic. As economists continue to delve into this complex issue, a more comprehensive understanding of the factors at play will be critical in developing effective responses.
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