Professor Waller told BBC Radio 4's Today programme: "The Policy Exchange report doesn't ask anyone to stop spending money on catching offenders. It talks about balancing these expenditures with expenditures which will be effective in reducing the number of victims.
"Public opinion surveys show that the public in England and Wales - as in many other advanced democracies - are actually in favour of investments in prevention."
Gavin Lockhart, head of Policy Exchange's crime and justice unit and one of the report's authors, said: "After a decade of unprecedented spending on policing, courts and prisons, England and Wales have a recorded crime rate twice that of the European average.
"Prevention will not replace enforcement. But since the 1970s, in Western Europe and elsewhere, methods have been implemented that have reduced both crime and the costs of crime. We urgently need to do the same in this country."
Professor Waller, from the University of Ottawa, Canada, is part of the International Centre for the Prevention of Crime.
The Home Office said the government was determined to stay on the front foot in keeping down crime.
A spokesman said: "Statistics published last month actually show that overall crime is stable or falling and the risk of being a victim remains historically low.
"But we know we are facing some new challenges. That's why we are focusing our experience to tackle these head-on with millions of pounds invested in both prevention and enforcement."
This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.
Bookmark with:
What are these?