The George Mason University School of Law Judicial Education Program presented an excellent program on the economics of crime, formally titled “Judicial Symposium on Using the Law and Economics to Reform the System of Criminal Justice: Theory, Empirical Evidence and Some Applications. There was lots of thought provoking material presented including that incarceration and other sanctions can be viewed much as in torts law, as costs that are part of a cost-benefit analysis. The upshot is that if some of our criminal justice dollars were spent elsewhere, we would have less crime and fewer victims. There was lots of great information conveyed in this conference with the entire program on video on the web.
In particular see the presentations by Jonathan Klick (University of Pennsylvania Law School and the Rand Corporation) on what I’m calling cost-benefit analysis of crime, Paul Larkin (Heritage Foundation) on over-criminalization, and Alexes Harris (University of Washington), on fees on individuals in the criminal justice system. Here is the entire conference on video and here is the entire package of pre-conference materials. Here are some selected notes on the program. This is one of the top programs I’ve seen recently on this subject so I recommend watching the videos. Good work by the George Mason University School of Law, Law and Economics Center and Judicial Education Program and their partners.