Recovering Ex-situ Gemstones in African Countries: The Economic Man Versus the Police Man
AbstractThe illicit dealing in gemstones (including diamonds) is a fast growing activity in African countries which produce these minerals. Zaire and Angola are two extreme examples, but by no means exceptions. The preferred policy efforts to controlling the flow of illicit trade in gems have been legislative actions - the police man. However, the police man has invariably failed to do the intended job. As an alternative this analysis argues for an economic approach - the economic man. It suggests how good old economic concepts and principles may be used to price out of the market, and recover ex-situ gems from illicit traders with only little modification for local conditions. The conclusion is that even under a limited liberalization regime the economic man tends be more efficient and effective than the police man.
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economic pricing theory of illicit gemstones Africa economic man versus police man;
Find related papers by JEL classification:
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- Dixit, Avinash K & Stiglitz, Joseph E, 1977. "Monopolistic Competition and Optimum Product Diversity," American Economic Review, American Economic Association, vol. 67(3), pages 297-308, June.
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