The Economics of Crime: An Introduction to the Literature

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Abstract
The rapidly growing influence of the economic approach to criminology in academic study and in policy-making is indicated in the abridged bibliography that follows this article. The economists have revived the model of the "rational" criminal and have reopened the question of punishment as a deterrent. In these new studies, however, there is a danger of ignoring the long-run social costs of any particular policy or law. In some circumstances it would be "irrational" for an ex-convict not to return to crime. By using methods such as cost-benefit analysis, systems analysis, and program budgeting, economists are striving to develop criteria for an improved allocation of resources in law enforcement. For research purposes, the econo mists assume that all divisions of the criminal justice system have one goal: the protection of society. All other presumed goals, such as deterrence, rehabilitation, prevention, punishment, and the law itself, are treated as alternative programs imple mented to achieve that goal.

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