This essay aims to discuss the effects of the minimum price and analyze the pros and cons of a minimum price from three different perspectives: the consumers, the producers, and the government. Firstly, start off by defining minimum price then go on to analyzing the effects using graphs and economic theories to determine if the objectives were achieved. Then finish off by presenting some concluding remarks on the effectiveness of minimum price measure drawn on previous results from Russia and Ukraine and other alternatives such as taxes and quotas. A minimum price, also known as a price floor is legally by the government and is a base price where retailers cannot sell below that price.
In May 2018 a minimum price of 50p was imposed on alcohol in Scotland, this was due to the over-consumption of alcohol. Over-consumption of alcohol was associated with crimes and health problems causing negative externalities. So this minimum price was seen by Parliament as an effective way to reduce the binge drinking problem.
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