Economists argue that we can calculate the value of a human life by observing voluntary risks that people take every day.

Question

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Economists often use the concept of the "value of a statistical life" (VSL) to estimate the monetary value of a human life based on the trade-offs people make between money and small risks of death. This involves observing how much extra pay people require to take on jobs with higher risks of death or injury, among other voluntary risk-taking behaviors.

Economists Argue That We Can Calculate the Value of a Human