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Related Experiment Videos

Valuing lives.

Roy W Perrett

    Bioethics
    |July 1, 1992
    PubMed
    Summary
    This summary is machine-generated.

    Economists assess the economic value of human life for public policy decisions. This paper argues that placing a monetary value on life is morally permissible and theoretically sound.

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    Area of Science:

    • Economics
    • Public Policy
    • Ethics

    Background:

    • Economists frequently assess the economic value of human life.
    • This valuation is crucial for allocating resources in areas like safety and health.
    • Initial skepticism regarding the moral and practical implications of such valuations exists.

    Purpose of the Study:

    • To examine the economic measures used to value human lives.
    • To argue for the moral permissibility of assigning a monetary price to a person's life.
    • To establish a theoretically adequate method for determining this economic value.

    Main Methods:

    • The paper reviews economic methodologies for valuing human life.
    • It presents ethical arguments supporting the concept of a "value of life" in economic terms.
    Keywords:
    Health Care and Public Health

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  • It outlines a theoretical framework for calculating this value.

    • Main Results:

    • The study concludes that valuing human life economically is not inherently morally objectionable.
    • It asserts that existing economic approaches, while potentially partial, can be theoretically adequate.
    • A justification for the moral permissibility of economic life valuation is provided.

    Conclusions:

    • Placing an economic value on human life is morally permissible.
    • There exists a theoretically sound method for determining the economic value of a life.
    • This valuation is essential for informed public policy and resource allocation.