Chapter 5 Economics of Crime and Its Prevention: How Much Is Too Much? Copyright © 2010 by the McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin.

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Economics of Crime and Its Prevention

Chapter 5 Economics of Crime and Its Prevention: How Much Is Too Much?

Presentation transcript:

Chapter 5 Economics of Crime and Its Prevention: How Much Is Too Much? Copyright © 2010 by the McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin

5-2 What Is Crime? Immorality? Illegality?

5-3 Classification of Criminal Acts Department of Justice classification scheme  Violent crimes  Crimes against property  Traffic in illegal goods and services  Other crimes Recent trends in crime

5-4 The Costs of Crime Opportunity Cost Principle Direct costs + Negative Externalities + Cost of Prevention, Apprehension and Correction Total Cost of Crime Transfers of Purchasing Power Criminal activities versus Crime Prevention Activities

5-5 Different Types of Goods and Services Characteristics of Goods and Services  Exclusivity  Rivalry Private Goods and Services Semi-private Goods and Services  Externalities  Government intervention in the case of externalities Public Goods and Services  Free-rider problem  Government production of public goods

5-6 The Optimal Level of Crime Prevention Cost-Benefit Analysis of Crime Prevention Units of Crime Prevention per Year Total Benefit to Society Marginal Social Benefit Total Cost of Society Marginal Social Cost Net Benefit to Society

5-7 Allocation of the Crime Prevention Budget Equimarginal Principle

5-8 Changing the Legal Status of Goods and Services Marijuana (millions of ounces per year) Price per ounce D1D1 D1D1 S1S1 S1S1 P1P1 M1M1 D2D2 D2D2 S2S2 S2S2 M2M2 P2P2

5-9 Causes of Criminal Activity Economic benefits of crime Psychic income Economic costs of crime Psychic costs