Estimates of cost of crime

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The mental suffering, ruined lives, broken homes, and despair caused by crime are immeasurable. The anxiety surrounding crime is foundational to human society, highlighting the need for effective social arrangements and institutions. Despite its obvious significance, the precise scope of crime's burden has long been difficult to quantify. However, with advancements in quantitative methods in economics and statistics, it has become possible to calculate the costs associated with crime. This emerging field remains controversial, particularly regarding its methodology and applications. Many question the validity of assigning costs to heinous acts like murder or assault, pondering whether any numerical value can truly capture their severity. In this discussion, I will argue that it is indeed possible to estimate the costs of various crimes, and that these estimates hold relevance for criminal law and crime policy. Although many consequences of crime are incommensurable, society continually makes decisions on how to address crime, often implicitly assessing its relative importance. By properly estimating the costs of crime, we can make these evaluations more transparent, leading to more coherent public policy.