ECN 340 Lecture 9: Lecture 9
26 Mar 2011
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Law, crime and punishment: some acts are legal in some countries, but not in others. You can sell things at a profit in. 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. The economics of being a non-victim: could society eliminate crime, could be done, but at an immense cost, example: creating a police state. would eliminate or significantly reduce crime www. notesolution. com. results in no freedom: there is such a thing as too much deterrence. If the perceived marginal cost is greater than the marginal benefit, crime will not be committed: what if mb>mc, benefits dependent on the individual, crimes will continue to be committed. Just because society increases the cost of crime, and crimes are still being committed.
