This paper aims to analyze the methods that have been developed in valuing human lives.
It will aim to compare the selected methods and contrast them among each other.
The model that was pioneered in tackling with the issue of valuing human lives was the human capital (HK) approach, which has been the classical perspective in valuing human life.
The HK approach was introduced by the works of Petty and Farr, and valuates a human life on the production potential of that life on society.
This 4-letter word seems to be quite simple at first.
However, if you look deeper you will see that it is a very complicated thing with a lot of various components that are like threads intertwined into a tight tangle.Our government has set up a specific formula on how much money a life is worth when there is an accident and someone is killed No amount of money can fill in the void of a loss someone is enduring.William Shakespeare, one of the most famous and influential writer, argues his point of view of human life in “Hamlet’s Soliloquy.” Shakespeare uses a suicidal character, Hamlet, to show that the only time we value life is when something bad is happening. Both Shakespeare and Ripley seem to be suggesting that life is only valued by death.When looked upon on an individual level, the value of human life is infinite.One could hardly imagine anyone being able to place a monetary or empirical value upon the lives of their loved ones.Truly valuing a human life should take into account more than just an empirical value but also the value of pain and suffering.There is increasing debate on which method policy makers should utilize when attempting to empirically valuate human life.However, policy makers and health policy analyzers in a society cannot reasonable place an infinite value on one human life.There needs to be a method in which a human life is given an empirical value, in order for policy makers to have a guiding compass when deciding and enacting health policy rules and regulations. williams 2nd 02/12/15 Value of a life How is the value of life measured exactly?Why do courts seems to place price tags on lives as if it was as simple as placing a price tag on a grocery store item. Do you measure it by the events in a person life or the acts of kindness it takes them to reach heaven?