Although the policy case against capital punishment appears largely settled and now closed within Britain and Europe there is a need to recognise that the wellentrenched pro-abolitionist conventional wisdom has essentially ignored the costs and exaggerated the benefits of removal of the death-penalty option.
The paper explores the orthodox economic perspective on criminal participation and recognises its theoretical and empirical successes during its relatively short history. Questions are raised, however, over its conceptual underpinnings and its correspondence with reality. Paradoxically, the economics of criminal participation can neither tell us why we have had so much crime in living memory nor why we should not be currently experiencing far more. It assumes 'criminals are (potentially all of ) us' and that crime is normal. It is argued that there is a need to bring in the moral dimension directly (without reducing it to a mere price) in order to understand why many agents renounce crime and often sacrifice apparent material advantages by doing the right thing. The economics of crime perspective needs to recognise more fully the role of internal as well as external sanctions impacting on behaviour.
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