Some U.S. states spend as much on their prisons as they do on their universities.62 Such expenditures are not the hallmarks of a well-performing economy and society. Money that is spent on "security"-protecting lives and property-doesn't add to well-being; it simply prevents things from getting worse.
In his book "The Price of Inequality," Joseph E. Stiglitz highlights a concerning trend in the United States where certain states allocate funds for prisons that are comparable to what they invest in their universities. This situation raises questions about the priorities of these states and the implications for society as a whole. Spending heavily on incarceration instead of education suggests a misallocation of resources that could otherwise promote growth and development.
Stiglitz further argues that expenditures on security measures, including prison funding, do not contribute positively to the overall well-being of a community. Instead, they serve a reactive purpose, merely preventing deterioration rather than fostering improvement. This dynamic reflects underlying issues within the economy and society, indicating a need for a reevaluation of priorities to enhance future prospects.
