Sunday, February 20, 2011

Value of a Statistical Life

Peter mentioned that he wrote a book on the value of a statistical life. I wrote about the subject in two books, neither of which were exclusively devoted to the subject. In The Confiscation Economic Prosperity I showed how the right wing used the concept to lowball the value of regulation.

In The Invisible Handcuffs, I looked at the subject from a different perspective, showing how economists get blackballed for trespassing away transactions into the labor process. Richard Thaler, who did the original research on the subject had the good sense to reject the idea. His adviser would not talk with him after that.

I think both approaches are interesting. Maybe you will take a peak.

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