Crime and Punishment: An Economic Approach

"Crime and Punishment: An Economic Approach" analyzes criminal behavior through the lens of economics, viewing individuals as rational actors who weigh the potential benefits against the risks and costs of crime. It suggests that people decide to commit crimes based on expected gains, the likelihood of getting caught, and the severity of punishment. Effective policies, therefore, can reduce crime by increasing the perceived risks or costs, such as stricter enforcement or harsher penalties. This approach emphasizes understanding crime as a cost-benefit decision, aiming to design strategies that make crime less economically attractive.