Economics of Crime ((4 Credits))

Catalog description

Economics of Crime will apply economic theories to examine decisions by potential criminals, the impact of crime on society, the full cost of crime and punishment, and the allocation of criminal justice resources. Basic economics concepts will be introduced: rational choice, opportunity costs, incentives and tradeoffs, marginal benefits and costs, supply and demand, market equilibrium, efficiency, externalities. Using these tools, in addition to current statistics and findings from economic literature, students will analyze public policies around corrections and prevention, legalization of drugs, gambling and prostitution, death penalty, gun control, private prisons, gangs, cheating, white collar crime and cyber crime. The course satisfies economics skills in BME guidelines.