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Crime as exchange: comparing alternative economic theories of criminal justice

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  • Thomas J. Miceli

    (University of Connecticut)

Abstract

This essay compares two alternative economic theories of crime, due to Becker (1968) and Adelstein (2017), which differ with respect to the purpose of punishment. Both models are based on the idea of rational offenders and punishments as prices, but they part company with respect to how the level of punishment is, or should be, determined. Whereas Becker’s approach is based on the normative goal of welfare maximization and optimal deterrence, Adelstein’s model emphasizes that the system actually pursues corrective justice in individual cases. This essay explicates these different perspectives and explores their implications for social welfare.

Suggested Citation

  • Thomas J. Miceli, 2021. "Crime as exchange: comparing alternative economic theories of criminal justice," European Journal of Law and Economics, Springer, vol. 51(3), pages 523-539, June.
    • Handle: RePEc:kap:ejlwec:v:51:y:2021:i:3:d:10.1007_s10657-021-09692-8
    DOI: 10.1007/s10657-021-09692-8
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    References listed on IDEAS

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    1. Gary S. Becker, 1974. "Crime and Punishment: An Economic Approach," NBER Chapters, in: Essays in the Economics of Crime and Punishment, pages 1-54, National Bureau of Economic Research, Inc.
    2. Matthew Baker & Thomas Miceli, 2005. "Credible Criminal Enforcement," European Journal of Law and Economics, Springer, vol. 20(1), pages 5-15, July.
    3. Lewin, Jeff L. & Trumbull, William N., 1990. "The social value of crime?," International Review of Law and Economics, Elsevier, vol. 10(3), pages 271-284, December.
    4. Thomas J. Miceli, 2018. "On proportionality of punishments and the economic theory of crime," European Journal of Law and Economics, Springer, vol. 46(3), pages 303-314, December.
    5. R. H. Coase, 2013. "The Problem of Social Cost," Journal of Law and Economics, University of Chicago Press, vol. 56(4), pages 837-877.
    6. George J. Stigler, 1974. "The Optimum Enforcement of Laws," NBER Chapters, in: Essays in the Economics of Crime and Punishment, pages 55-67, National Bureau of Economic Research, Inc.
    7. Thomas J. Miceli, 2019. "The Paradox of Punishment," Springer Books, Springer, number 978-3-030-31695-2, September.
    8. Miceli, Thomas J., 1991. "Optimal criminal procedure: Fairness and deterrence," International Review of Law and Economics, Elsevier, vol. 11(1), pages 3-10, May.
    9. Parisi, Francesco & Dari-Mattiacci, Giuseppe, 2004. "The rise and fall of communal liability in ancient law," International Review of Law and Economics, Elsevier, vol. 24(4), pages 489-505, December.
    10. Harris, John R, 1970. "On the Economics of Law and Order," Journal of Political Economy, University of Chicago Press, vol. 78(1), pages 165-174, Jan.-Feb..
    11. Bentham, Jeremy, 1781. "An Introduction to the Principles of Morals and Legislation," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, number bentham1781.
    12. Shavell, Steven, 1993. "The Optimal Structure of Law Enforcement," Journal of Law and Economics, University of Chicago Press, vol. 36(1), pages 255-287, April.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Crime and punishment; Deterrence; Retribution; Corrective justice;
    All these keywords.

    JEL classification:

    • K14 - Law and Economics - - Basic Areas of Law - - - Criminal Law
    • K42 - Law and Economics - - Legal Procedure, the Legal System, and Illegal Behavior - - - Illegal Behavior and the Enforcement of Law

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