Economists: Bigness & Badness

Almost every aspect of the economy has been subjected to searching analysis—except for organized crime. Now Harvard Economist Thomas C. Schelling, speaking in Washington before the American Association for the Advancement of Science, complains that "racketeering and the provision of illegal goods have been conspicuously neglected by economists." He proposes that they be studied—and fought—through techniques of "modern economics and business administration."

The same kind of analysis that federal regulatory agencies use in handling anti-trust and other problems could, says Schelling, "help in identifying the incentives that apply to organized crime and in restructuring laws to minimize the costs, wastes...

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