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- Crime is a major activity in the US, with implications for poverty and the allocation of public and private resources. The economics of crime focuses on the effect of incentives on criminal behavior, the way decisions interact in a market setting; and the use of a benefit-cost framework to assess alternative strategies to reduce crime.
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In order to understand how to effectively prevent and respond to crimes, we first need to understand the causes of crime. The typical way economists approach crime is to treat it as a rational, logical decision. Individuals weigh the benefits of crime versus the costs of crime.
- Caroline Krafft
- 2019
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Jul 27, 2023 · Definition. Economics of crime aims at studying, theoretically and empirically, which are the determinants of criminal behavior and how it is affected by incentives and punishment. In 1968, Becker presents a paper that radically changes the way of thinking about criminal behavior.
Jan 1, 1999 · The economics of crime focuses on the effect of incentives on criminal behavior, the way decisions interact in a market setting; and the use of a benefit-cost framework to assess alternative strategies to reduce crime.
- Richard B. Freeman
- 1999
May 1, 2022 · The main contribution of our work is to provide a theoretical framework to study the intergenerational transmission of criminal behavior by integrating the role of socialization of moral norms within the family into an economic model of crime in line with Differential Association Theory.
Jan 30, 2014 · This column explains the advantages of adopting an economic approach to understanding crime. Furthermore, criminal law and crime-prevention programmes can be evaluated using the same normative techniques applied to health, education, and environmental regulation.
We divide this discussion into incentives operating through legal wages in the formal labor market and the economic returns to illegal activities. Evidence that economic incentives matter for crime emerges from both.
The economic model of crime shifts the focus from character to the choices available to individuals. While certain aspects of character (or what economists are inclined to call ‘preferences’) are surely not irrelevant, criminal activity represents a choice or set of choices that is available to everyone.
