Dr. Laarni Escresa is an assistant professor at the School of Economics, University of the Philippines. She earned her Phd in Law and Economics at the Erasmus University of Rotterdam and the University of Bologna. Prior to joining UP, she was a Jean Monnet fellow at the European University Institute and a postdoc fellow at the University of Hamburg.
Economics of Crime and Punishment – What We Need to Know and Learn
Does higher punishment necessarily lead to lower crime? What are the economic determinants of crime? This study provides an economic analysis of crime. It looks at the traditional and behavioral economics approach in understanding the nature of formal and informal sanctions that is present in criminal law. It argues that the probability of conviction and the magnitude of the punishment may not necessarily be perfect substitutes in achieving the goal of criminal deterrence and identifies under what conditions would increasing the latter may serve to undermine it.