Executive Summary The project discusses about the economics of crime taking the England and Wales under consideration. The crime rates will be taken under consideration and market model of crime with supply and demand schedules will help to explain the relevant theories…
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Crime has been taken as a social issue and discussion on economics of crime follows. The crime incidence of England and Wales has been taken as the real world scenario. The market model of crime determines the expectations of the participants on probability of getting victimized. It has been found out that the elasticity of the supply and demand curve have a major role to play. In order to deal with the effect of crimes, the public enforcement laws can be made more stringent as that will reduce the opportunity cost of committing crimes and pay-off will get reduced. Aims and objectives of the study The overall aim of the project is to show the relevance of the economic analysis to real world scenario. The micro or the macro theory is used by the policy makers. There is no simple solution to the major social issues and the aim of the project is not to provide readymade remedies. The aim is not to take into account the fine details of the different policies of the government that relates to social issues but the concrete aim of the study is to witness the way economists analyze problems relating to social issues. The aim is to show the use of economics in the vast fields and economics cannot be encircled only in business. Economics of crime The aim of the project is to determine the determinants of rates of crime in England and Wales. Some researchers put out their views by providing a framework in which they provide an economic analysis of crime. They assumed that the offenders are economically rational as well as utility maximizing. They predicted crime can be kept in check through stringent law enforcement polices as high prices for crime commitment would act as the disincentive for the offenders to participate in illegal activities (Winter, 2008). On the other hand if the labour market does not provide job opportunities the potential offenders would get involved in criminal activities as it reduces the opportunity cost of doing such activities. Following the inferences many scholars were interested in empirically testing the predicted relationship between crime and variables which can influence the offender’s decision by affecting the costs and benefits of crime commitment (Eide, Rubin, Mehlop, 2006). The analysis has distinct implications for the purpose of policy analysis. The response towards crime is one of the priorities for governments. It is necessary to understand the effective control of crime and the interaction between crime and the various social factors. Crime can be reduced by increasing the income level of the offenders and if the empirical tests on the crime rates in England and Wales can confirm the validity of the predictions, it can be stated that economic growth can act as the effective way to reduce the frequency of crime (Peltzman, and Fiorentini, 1997). Effective control of crime through economic growth will be less costly for the government as economic prosperity is indeed the aim of the government (Freeman, 1999). The reduction of the rates of crime is a positive side effect of good conditions within the economy (Benson, 2010). The decision of committing crime is analyzed on the basis of cost. According to BBC Magazine the average cost of keeping an offender in prison for a year sums up to 50,000 pounds. The champions of community punishment point their effectiveness stating the reoffending crime rates to be at 36% compared to 60% among those released after short term punishments. Decision to commit crime: An individual can earn 100 pounds in legal
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(“The Economics of Crime. The Determinants of Rates of Crime in England Essay”, n.d.)
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(The Economics of Crime. The Determinants of Rates of Crime in England Essay)
“The Economics of Crime. The Determinants of Rates of Crime in England Essay”, n.d. https://studentshare.org/macro-microeconomics/1402239-topic-is-based-on-economics-of-crime-just-chose.
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