Economics Of Crime Essay

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Economics of Crime: Rational Decisions in Hard Times By Timothy Wanless 113009760 Economics 327 Professor Dalton Economics of Crime: Rational Decisions in Hard Times Crime is an extremely prominent part of American society. Recorded activity within the US saw 10,329,135 (1,246,248 violent crimes and 9,082,887 property crimes) crimes perpetrated with 62.5% of all violent crimes pertained to aggravated assault and 68.2% of all property crimes were considered larceny-theft in 2010. (FBI.2011) Despite the large number of crimes the United States also has the largest number of incarcerated citizens per capita in the world with nearly a quarter of the world’s prisoners coming from the United States’ 5% of the world population. This is due to much harder punishments in the US than those that are given a shorter longer period of incarceration or merely fined in other countries.(Liptak 2008) Due to the prevalence of crime in the US, economists have used models to explain the behavior and ramifications of government actions and the motivations behind crime and its effect on society that psychologists and sociologists are usually unable to address. Economists have explained the rational decisions that the actors of crime take and the causes and effects of crime. Over the past few decades economists have sought out models that explain the behavior and incentives for illegal behavior in society and why someone would opt to commit a crime over legitimate work. Economics has been useful in demonstrating strong correlations between the cost and benefit conditions in society and factors relating to the reported criminal rates through the use of rational choice theory and other models. The trends, individual motiv... ... middle of paper ... ...us the risks. By showing how a person’s actions change through a change in the risk of getting caught, the punishment, or the earnings a criminal might earn from his activity, economists help show that criminals to try to maximize their utility whenever they are considering an illegal activity. The economic framework for crime has been expanded to apply to many different areas of economics relating to crime such as: gun control, gangs, illegal drug use and policy in order to get an established view of the economic facts in order to show correlations between individuals and the decisions they choose. Economics can and has been used to create models that explain areas of crime that psychologists, sociologists, and other studies are unable to address as economists have effectively with their models and offers an empirical and statistical approach that provides models

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