In a research paper published in 2003, Lance Lochner from the University of Western Ontario and Enrico Morette from University of California at Los Angeles wrote this:
The impact of education on crime implies that there are benefits to education not taken into account by individuals themselves, so the social return to schooling is larger than the private return. The estimated social externalities from reduced crime are sizeable. A 1% increase in the high school completion rate of all men ages 20-60 would save the United States as much as $1.4 billion per year in reduced costs from crime incurred by victims and society at large. Such externalities from education amount to $1,170-2,100 per additional high school graduate or 14-26% of the private return to schooling. It is difficult to imagine a better reason to develop policies that prevent high school drop out.
---SPSmith
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