Black Market Theory is not a theory. It's an excuse. Gun control legislation is not designed to prohibit people from obtaining weapons at the end-user level- it's about restricting what can be manufactured in the USA and what can be sold. We also try to do a fair job at restricting what comes into the country. I am not familiar with every damn gun law, but generally automatic assault weapons, machine guns, are restricted to some extent. The restriction does not cause a black market to appear- that market would exist already because buying something illegally- i.e. outside of any regulations and taxes it's ALWAYS cheaper. They can avoid the weapon serial# from getting into the government's hands as well. Criminals would probably do this anyway- but not all 'criminals' have access to these markets. So many crimes are committed by first timers aren't they? There's no such thing as a bad guy born to be bad. The idea behind restricting automatics and machine guns and types of bullets is that we can possibly prevent a crime from happening, prevent a mistake, or a person accidentally shooting their own child. I don't trust gun owners with that responsibility. I elect a government to make and enforce laws and keep me safe, that's the meaning of governance.
To take any position that governance need not exist, especially when it comes to the very thing that humans utilize to kill eachother with- is preposterous. And all the whining about how 'law abiding' citizens are somehow inconvenienced by new laws- then I question what makes them "law abiding" if they don't want to follow those laws. I'd think a law-abiding person would be more than happy to show they have civic intentions with their guns by registering them properly and by avoiding purchase of a gatlin gun. Nobody needs a gatlin gun. Get over it. And I don't want anybody nextdoor to me having one, they could kill me or my loved ones in an instant. When ordinary people have to live in fear that anyone around them could be carrying a weapon that they might not know how to use, then nobody is safe and that's basically anarchy.
Certain guns, certain places. Hunting rifles should be allowed, I think, they're more used for just that than violence. Other guns should be limited to licensed areas, or at the very least with well licensed people. I mean, the issue is someone getting a gun and using it where they're not supposed to, not guns altogether. Well, the issue is more that there's just a lot more gun and gang culture in America than most other places, but this will help solve that too.
Economically, it's pretty much just a slightly milder ban. Gun prices would rise dramatically with next to no guns being manufactured and put right into the black market, which in time would stop all but the criminal overlords from getting them easily. As for self defense, guns just plain do more harm than they do good, it'd be better to have neither have guns than to have both have guns. Besides, there's still lots of viable forms of self defense available; get a taser, take a karate lesson, have a baseball bat, there's lots of options that aren't as useful for criminals.