Value Of Life
The potency of life (or cost of life) is an economic value assigned to life in general, or to specific living organisms. In social and political sciences, it is the marginal cost of death prevention in a certain class of circumstances. As such, it is a statistical term, the cost of reducing the (average) number of deaths by one. It is an important issue in a wide range of disciplines including economics, health care, adoption, political economy, insurance, worker safety, environmental impact assessment, and globalization. Discussions about the value of life would be more-or-less limited to university philosophy departments and religious groups if it were not for the fact that this value must be calculated in an exact quantitative way by practitioners in these disciplines.
In industrial nations, the justice system considers a human life "priceless", thus illegalizing any form of slavery; i.e., humans cannot be bought for any price. However, with a limited supply of resources or infrastructural capital (e.g. ambulances), or skill at hand, it is impossible to save every life, so some trade-off must be made. Also, this argumentation neglects the statistical context of the term. It is not commonly attached to lives of individuals or used to compare the value of one person's life relative to another person's. It is mainly used in circumstances of saving lives as opposed to taking lives or "producing" lives.
Read more about Value Of Life: Treatment in Economics, Tobacco Industry, Uses, Estimates of The Value of Life, Criticisms
Famous quotes containing the word life:
“Winter lies too long in country towns; hangs on until it is stale and shabby, old and sullen. On the farm the weather was the great fact, and men’s affairs went on underneath it, as the streams creep under the ice. But in Black Hawk the scene of human life was spread out shrunken and pinched, frozen down to the bare stalk.”
—Willa Cather (1873–1947)