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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...
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 and injustices that crime entails."
Schelling believes that "a good many economic and business principles that operate in the 'upper-world' must, with suitable modification for change in environment, operate in the underworld as well." Indeed, there is a distinct "typology of underworld business." One major group is black markets, which sell "commodities...
Infra-Structure. Like legitimate business, the underworld has its basic, or "core," industries. "In economic-development terms," says Schelling, "black markets may provide the central core (or 'infra-structure') of underworld business, capable of branching out into other lines." The underworld economy probably grew out of the Prohibition...
The speech by Professor Thomas Schelling, scheduled for 8 p.m. tonight, has been postponed until mid-January.