911 Opportunity Cost

After reviewing the Article Putting a Price on the Priceless: One Life (New York Times), it appears that economists were competent to do the unthinkable. During a time when the rest of the country was in mourning, they disconnected themselves from their feelings and through cargonful scrutiny of future day monetary and opportunity losses, were able to put a price on human lives. that did they consider all that was lost? Since monetary losses are just a numbers game, waged on the factors of possible future income, we are going to investigate the loss of opportunity that was stripe away from the survivors. This loss of opportunity is often referred to as hazard Cost (OC), defined as all opportunities that the survivor provide never get to experience because their loved one was interpreted from them. The forensic economists in the 911 incident exclusively placed all OC under one umbrella and titled it compensation for aggravator and suffering even though pain and suffering is a form of OC, it is not all-inclusive. To accurately determine OC for a illegitimate death, an economist would have to systematically dissect the individuals life and the life of their loved ones.
Going to one extreme, lets cite for instance, a father of three and husband to one was a dupe in the 911 attacks.



Upon the initial inquiry the economist discovers that the victim was a known alcoholic and had a well enter case of domestic violence for child abuse. The coroners report also uncovered the preliminary stages of liver malignant neoplastic disease undoubtedly caused by the twelvemonths and years of heavy alcohol consumption. Under the 911 pain and suffering compensation, the family would still be awarded $250,000 positively charged $100,000 per child even though the family is certainly better off. directly lets consider if this individual was the number one dad of the year and led an active and healthy lifestyle. First, the economist would have to disruption down the family one-by-one to calculate the total effect on separately individual. They would have to...If you want to get a full essay, determine it on our website: Orderessay



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