Sense and Sensibility are the penalties imposed under New Zealand's Fair Trading Act rational?

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No 374405, Competition & Regulation Times from New Zealand Institute for the Study of Competition and Regulation

Abstract: The theory of optimal penalties dates back to a paper on crime and punishment written by Nobel Prize winning economist Gary Becker, published in 1968. The economic approach holds that individuals, including criminals, make decisions by weighing up the respective costs and benefits of alternative courses of action. On the other side of the thin blue line, law makers and social planners aim to minimise the harm caused by criminal activity, recognising that there are costs associated with detecting, convicting and punishing offenders. The theory of optimal penalties is thus consumed with efficiency - finding a balance between the harm caused by crime and the costs of deterrence.

Date: 2002-07-01
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