The Economics of the Prison Industrial Complex

The video explores the economic aspects of incarceration, highlighting the high costs of maintaining prisons and the opportunity costs involved. It discusses the economic impact of crime, including costs in anticipation, consequence, and response to crime. The video also examines the role of prison labor, its benefits, and its drawbacks, particularly its impact on the labor market. The discussion concludes with a consideration of the moral implications of the prison system and its economic effects on society.

What is the estimated number of people incarcerated in the USA?

Discuss the economic implications of having a large prison population.

What are the opportunity costs associated with incarceration?

How does the cost of maintaining a prisoner compare to the cost of a hotel stay?

Explain the concept of negative externalities in relation to nonviolent crimes.

What are the three sections of costs related to crime as mentioned in the text?

What role does prison labor play in the economy?

How do private prison companies benefit from inmate labor?

What are the implications of the book 'The Rich Get Richer and the Poor Get Prison'?

In what ways does the prison system impact communities and employment?