This speech develops an argument regarding a drug control policy the objective of which is to minimize the aggregate losses in individual behavior that could, in the absence of a drug policy, be attributed to drug use. The speaker argues that the problem of drug use is not all drug consumption, but only that drug use which results in the deterioration of an individual's health, economic independence, and danger to others. The speaker suggests that the largest portion of this problem is in all likelihood concentrated among chronic, intensive users of drugs. With this abstract view of the drug abuse situation in mind, he discusses and evaluates a supply reduction strategy, arguing that complications raised by this type of strategy can be accommodated by introducing the concept of effective prices for different drugs in different markets. Objectives of a supply reduction strategy are presented in tabular form.