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There are over 10 million people in some form of government incarceration around the world today. There are 2.3 million in the USA alone and anyway you slice it that is a huge population of people.
The population of people living in prisons is larger than the population of people living in most countries on earth.
Locking people up is a big business. And whatever way you slice it, 10 million people is potentially a huge workforce.
All of this can add up to have a very significant contribution towards national economies in more ways than you might expect.
But as always we need to look at a few key areas to truly understand the economics of incarceration. So
What is the opportunity cost of having people locked up?
What impacts does this all have on the wider economy?
And finally
What impacts does the economy have on incarceration?
Now while this all sounds like a pretty grim topic, that let’s be honest, most of you economics nerds watching, are never going to experience directly… it is still really important to understand.
This is because despite the social impacts this system can have, there are some very serious positive and negative externalities caused by this system.
In a heartless, clinical, sort of way, the study of economics could shed some insight into the system, by addressing…
The opportunity cost of the bars…
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