ECN 321 Lecture Notes - Lecture 6: Jon Corzine, Ultimate Galactus Trilogy, Drug Lord
5 Mar 2018
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Document Summary
Our legal system would be more effective if law makers could get into the minds of those who commit crimes. The penalties would deter and punish in an efficient manner, i. e. , they would maximize the benefits from deterrence at lowest cost. This has proven to be an uphill task. We start from the perspective that there is satisfaction to be gained by the actions of all normal individuals. Gary becker"s economic model of crime describes the criminal as behaving rationally. When the expected benefits of the activity outweigh the expected costs the crime is committed. The action creates external costs on victims, and penalties like fines and imprisonment serve as a fee or tax on criminal activity. Becker believes that society could reduce criminal behaviour if the benefits of the wrong were lowered and/or the costs increased - but administering programs to this effect entails costs of its own.
