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The Economics of Crime by Zagros Madjd-Sadjadi

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Conclusion

In this book, we have looked at how economics is used to analyze crime, a subject that would not, at first, seem to be under the purview of a field that predominantly studies legal market interaction. However, tools such as game theory, general equilibrium theory, and marginal analysis lead us to conclusions that are quite profound and challenge traditional ideas about retributive justice.

While no field can claim a monopoly on the truth, it is equally true the use of analysis from various fields can significantly improve public policy. When sentences are more determinant as prescribed by “truth in sentencing” laws, there is less opportunity to reduce costs in the criminal justice system and we end up incarcerating those who pose little ...

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