Class Notes (810,048)
Canada (493,937)
Economics (1,279)
ECN 340 (200)
Lecture 9

Lecture 9

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Ryerson University
ECN 340
Thomas Barbiero

Law, Crime and Punishment Some acts are legal in some countries, but not in others. You can sell things at a profit in Canada, but not in Cuba. But certain acts are illegal everywhere else The Economics of Law: Burglary is illegal practically everywhere and most find it immoral Generally, victim looses more than the burglar gains. Thus, the victim pays a higher price Robin Hood was praised for taking from the rich and giving it to the poor 1960s Ripping off the system (the government) was O.K. Why not make stealing O.K.? o Would increase the cost of living in society o Invest more time into protection; loose time to do productive activities o Burglars will have to invest more time as well; burglars will have to specialize and thus become a segment of the labour force ***Standard of living drops*** The Cost of Crime: Some individuals (criminals) can increase lifetime earnings though crime These same individuals can increase status among socio-economic peer groups There will be good and bad criminals, just like there are A students and D students Criminals have to invest in tools, skills, storage, etc If it is an organization, they have to meet payroll, including sales and administrative personnel (as in a firm) The loan shark, has to accumulate financial capital o Loan shark is a person who offers unsecure loans at high interest rates, often backed by blackmail andor treats of violence Specialists in armed robbery must: 1. Find site and map it out
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