Question

Consider the government wants to take a project in health care. Based on cost-benefit analysis, how is human life valued?

i) Define the issue (first identify the purpose of the project and then you can identify the issue)

ii) Explain the issue

ii) Relate to theories or concepts to the net benefit of the project

Answer 1

1. The purpose of this project is to develop a project in Healthcare Air by government in which government can provide a value to humans life and provide them that amount of benefit to save their lives. The government wants to take this project and help get to calculate the amount that is required for benefiting the human life and invest that amount in each humans life.

The issue in this project is the method that is cost benefit analysis of human life.

2. The main issue in this method is that human life is hard and one of the most rephrase able activity to calculate in terms of money. Valuing human life is one most difficult issue in cost benefit analysis. Some are of the opinion that human life is priceless and that anyone should ready to pay any amount of money to save a life. It makes it difficult for government to put a value on such precious commodity. So the issue is how to precisely and correctly value humans life.

3. Net benefit theories and concepts tells that it is summing all benefits and subtracting the sum of all costs of a project. It does not provide the relative measure but the output provided is an absolute measure of benefits. So your government would need to calculate the net benefit by something all the lives saved by that project of Healthcare versus the amount of money needed in the investment of the particular project. Again relating to the above issue Health Care can never run out, because people are constantly getting ill due to various reasons and government is making a project to help in Healthcare sector need to have funding and proper net benefit cost cannot be determined when compared to a person's life.