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Essay / Research Paper Abstract
This 4 page paper provides an overview of the application of an economic value of human life to public planning. Specifically, this paper considers how a town might assess the economic value of human life and compare it to the cost of changes to a dangerous road. Bibliography lists 3 sources.
Page Count:
4 pages (~225 words per page)
File: MH11_MHVHuLif.rtf
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Unformatted sample text from the term paper:
of these two different types of valuations is an important consideration when relating the economic value of life to public decision-making. When a fatality occurred as a result of
a traffic accident on a dangerous curve, the individual already had a life in place. That individual had intrinsic value based on her role in her family, the services
provided for her children, and her existing work history, which suggested both a current and projected earning capability over the course of her lifespan. Though to her family, no
sum of money could replace their lost mother, wife and care provider, attempts to place an economic value on her life might result if the family files a wrongful death
claim against the town. This type of subjective view of the life of the individual and the perceptions of value are defined by the specific factors that relate directly to
her life. The value of human life in a subjective assessment, then, would take into consideration all of the roles that must be filled in her absence. A
mother of two children, then, might be assessed in terms of the care provided for the children and the projected need for childcare in her absence. In conjunction, a
mother who works outside of the home would also have earning potential for the duration of her life, and may also contribute to home life in a number of other
important ways (cooking, cleaning, money management), all of which have economic value if someone else must be hired to complete these tasks. In many cases, the value of this
one human life may cost comparatively less than the necessary road construction to change the dangerous curve. When considering the impacts of the dangerous curve on the potential lives of
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