ABSTRACT
Introduction ........................................................................................................ 504 Why Study the Cost of Crime? ......................................................................... 505 What Is the Cost of Crime? ............................................................................... 506 Types of Costs ..................................................................................................... 507 Techniques for Valuing Tangible and Intangible Costs of Crime .................510 The Value of Crime Prevention Compared to the Cost of Crime .................515 Summary and Conclusion ..................................................................................517 Glossary of Key Terms ........................................................................................518 Discussion Questions ........................................................................................ 520 Suggested Reading ............................................................................................. 520 Recommended Web Links ................................................................................ 520 References .............................................................................................................521
Policymakers around the world continually face tough decisions about the allocation of public funds. Should funds go to education, health, social services, justice, or any number of other important and essential services? In making these resource allocation decisions, understanding the costs of different issues and intervention options can be extremely important in ensuring that society’s needs are met while avoiding inefficient and costly public investments. A frequently debated area of public investment is justice (Cohen 2005; Czabanski 2008). How do we, as a society, allocate public resources in an efficient way to ensure the safety and security of citizens? How can public funds be used to reduce victimization, recidivism, and fear of crime? Often, when these questions arise, the “cost of crime” is cited as a demonstration of the size of the issue or as justification for different policy options that seek to reduce crime or garner some form of retribution from those who commit crimes.
