The value of ours lives (2020)

The Covid-19 pandemic has given us a chance to know what our leaders think of the value of ours lives. If this isn’t cool, it is at least interesting.

Yes, life is complicated and we know, priceless. Nevertheless, there are methods to assess the value of a life, which is also a complicated thing to do. Different economists will come up with different results. It all depends on the angle that is chosen. Two basic and often quoted methods to monetize and estimate the value of a life are the VSL (value of statistical life) and the QALY (value of a quality-adjusted life-year). In the U.S., the Office of Management and Budget puts the value of a human life in the range of $7 to $9 million. We can assume that the numbers in Canada are near those of the US. As we also know how much money the governments have thrown at the coronavirus crisis so far, we should be able to calculate how far our societies will go to preserve life or decide to let some go.

The whole situation is a conundrum at best or a Hobson Choice at worst: we live next to a factory that spews toxins over our communities, but that is where we work.

See also: The Cost of a Human Life, Statistically Speaking

Photo, Library of Congress: Residents of shack town making daily round through the city dump looking for anything of value. Dubuque, Iowa | Vachon, John, 1914-1975, photographer

Your Life Is Worth $10 Million, According To The Government
NPR, July 17, 20208:01 AM ET

https://www.npr.org/sections/money/2020/07/17/870483369/your-life-is-worth-10-million-according-to-the-government