Economics/Crime
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Could crime ever be eliminated?
If "Yes" what would be the economic cost of doing so?
If "No" what is the economic cost of crime?
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Solution Summary
The expert determines economically is crime could ever be eliminated. The economic cost of crime is determined.
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While there are costs of crime, there are also costs of crime prevention. Catching every single criminal would require enormous expenditures, even if it were possible.
This implies the existence of an "optimal level of crime," the minimizes the sum of (costs of crime + costs of crime prevention). As always, even intangible costs can in principle be quantified in dollar value. This isn't saying that crime is good, but only that getting less crime means giving up other good things.
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- BCom, SGTB Khalsa College, University of Delhi
- MBA, Rochester Institute of Technology
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