 AN ECONOMIC ANALYSIS OF SECURITY POLICIESDefence and Peace Economics, 2005, vol. 16, issue 5, 375-389 Abstract: This paper analyses public policy choices in the security economy from an economic perspective. It discusses the role of public goods for national and global security and identifies the importance of the first- and second-order indirect effects of insecurity on economic activity, which include the behavioural responses of agents and the government to security measures, akin to such effects in insurance economics. Furthermore, key public policy trade-offs are outlined, in particular between security and efficiency, globalisation, equity and freedom. The analysis identifies suitable policy options for raising security in the national and international contexts and in view of these trade-offs. A balance between market and non-market instruments in achieving security should be aimed for in order to minimise the adverse effects of aiming for higher security. In addition, the public good nature of security implies that international coordination of security policies is important, despite this process being fraught with enforcement problems. Keywords: Collective goods; Public policy; Regulation; Risk; Security; Terrorism (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:taf:defpea:v:16:y:2005:i:5:p:375-389 Ordering information: This journal article can be ordered from DOI: 10.1080/10242690500210864 Access Statistics for this article Defence and Peace Economics is currently edited by Professor Keith Hartley More articles in Defence and Peace Economics from Taylor & Francis Journals |
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