Crime Really Doesn't Pay. At Least, Not Well.

Matthew Yglesias' site has a long post and links to an abstract debunking the myth that dealing drugs is a good way to make a living. Key quote:

"For example, the expected value of time served behind bars for a single burglary is now approximately 36 days.[3] To a victim, that might seem like a small penalty for breaking into someone’s home, but that turns out to be a very substantial punishment compared to the average income from a burglary. The average residential burglary probably yields the burglar less than $300.[4] Drug dealing, commonly thought of as a lucrative alternative to legitimate work, not only comes with substantial risk of injury, death, and imprisonment, but also nets the dealer less than the legal minimum wage. (Levitt, 2000) [5]"

Not that this makes much difference to the crime rate, IMHO, as I don't believe most criminals actually research placement rates and benefits before embarking on their chosen career.