How Much is a Human Life Worth?
Estimates now put the value at $10 million.
What's the value of a life? I wasn't surprised to discover someone has tried to put a figure to it. Currently, the life of an average person in the United States seems to be $10 million.
A 2020 article in Wired Magazine revealed a former RAND economist named Thomas Schelling, way back in 1968, came up with what has become known as the Value of Statistical Life (VSL).
Yes, everything has a cost. And a value.
It is now used mainly by agencies such as the Environmental Protection Agency to determine the cost-benefit analysis of various policies. I know; trade-offs.
Adam Rogers, the author of the Wired article, explains it by acknowledging that while society may be reluctant to put a price on a life, individuals do it all time. He gives the example of a person who chooses to work in a dangerous job if it pays well enough.
Why am I researching what may seem a morbid and controversial subject? My mind keeps playing with this thought for a couple of reasons.
The first is due to the considerations of COVID. How do leaders weigh the cost of closing businesses and related lost jobs against the potential loss of life if they don't? What can the metric…
