Sentencing theory

Punishment refers to the sanctions that may be taken against an aggressor of justly held property. Punishment theories include retribution, restitution, deterrence, and rehabilitation. In practice (and in theory) law has a tendency to implement a mixture of several or all of the theories. According to Murray Rothbard, "The libertarian believes that a criminal loses his rights to the extent that he has aggressed upon the rights of another, and therefore that it is permissible to incarcerate the convicted criminal and subject him to involuntary servitude to that degree." Ludwig von Mises writes:

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Liberalism neither wishes to nor can deny that the coercive power of the state and the lawful punishment of criminals are institutions that society could never, under any circumstances, do without. However, the liberal believes that the purpose of punishment is solely to rule out, as far as possible, behavior dangerous to society. Punishment should not be vindictive or retaliatory. The criminal has incurred the penalties of the law, but not the hate and sadism of the judge, the policeman, and the ever lynch-thirsty mob.

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Economic calculation problems arise in punishment, as with other government services. The "parsimony provision" of 18 U.S.C. § 3553 provides, for instance, that " The court shall impose a sentence sufficient, but not greater than necessary, to comply with the purposes" of sentencing. The parsimony provision does not specify how much deterrence, protection of the public, and rehabilitation courts should strive to impose a sentence that is sufficient to provide.