An hypothesis regarding pricing of black-market goods

Even if the operations of the law drive up prices and also profits in a black commodity-market (like heroin), and are thus largely counter-productive as has been argued as a reason for legalizing or at least regulating such markets, the operations of the law can be expected to be free from any such irrational taint in a black item-market (like that in stolen artworks); consequently, in the latter, total prohibitions on both the sell-and buy-sides make sound public policy (regardless whether, for example, heroin should be legalized). The key concepts of 'commodity' and 'item' are herein defined. (C) 1998 Elsevier Science B.V.