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Chapter 5

Chapter 5. Economics of Crime and Its Prevention. Immorality Illegality. What Is Crime?. Department of Justice classification scheme Violent crimes Crimes against property Traffic in illegal goods and services Other crimes Recent trends in crime. Classification of Criminal Acts.

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Chapter 5

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  1. Chapter 5 Economics of Crime and Its Prevention

  2. Immorality Illegality What Is Crime?

  3. Department of Justice classification scheme Violent crimes Crimes against property Traffic in illegal goods and services Other crimes Recent trends in crime Classification of Criminal Acts

  4. Opportunity Cost Principle Direct costs + Negative Externalities + Cost of Prevention, Apprehension and Correction Total Cost of Crime The Costs of Crime • Transfers of Purchasing Power • Criminal activities versus Crime Prevention Activities

  5. Individually Consumed Goods Semi-collectively Consumed Goods Externalities Internalizing externalities Collectively Consumed Goods Free-rider problem Government production of public goods Classification of Goods

  6. The Optimal Level of Crime Prevention

  7. Allocation of the Crime Prevention Budget Equimarginal Principle

  8. Changing the Legal Status of Goods and Services D2 S1 Price per ounce D1 S2 P1 P2 D2 S1 D1 S2 M1 M2 Marijuana (millions of ounces per year)

  9. Economic benefits of crime Psychic income Economic costs of crime Psychic costs Causes of Criminal Activity

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