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The Economics of Crime by Zagros Madjd-Sadjadi

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CHAPTER 1

What Does Economics Have to Do with Crime Anyway?

In this chapter, we will examine how economics can be used to study crime through what is called the rational actor model. There are, of course, limitations to this approach. No discipline can claim a monopoly on the truth but economics allows us to reduce criminal activity and lead to a better society for everyone.

Why Study Crime?

In your lifetime, you will likely be a victim of multiple property crimes and have a significant chance of facing violent crime, most likely an assault. More than 10 million crimes are reported every year to the police in the United States; yet only a minority of crimes is reported. Over 5 million people are arrested for “victimless crimes” (including driving ...

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