Economic value of life

  Life is commonly called “priceless”, but American economists are counting a life account to quantify the value of health.

  The New England Tufts Medical Center claims that various data show that Americans believe that the life of a year is worth between $100,000 and $300,000. In the United States, the cost of technology for maintaining health is becoming more and more expensive, and spending on health protection has become an increasingly heavy burden for many companies, taxpayers, and patients. Thus, the above-mentioned thing that the author called the “value of life index” appeared.

  To be able to ultimately assess the value of a treatment, economists have come up with a way to calculate the “cost” of various diseases. Different treatments are designed to improve people’s lives to varying degrees. A healthy life year is more for the patient and society than for a year in which illness, depression or wheelchairs are spent. value.

  Let’s see how economists calculate. First, it’s a simple measure: a fully healthy one with a score of 1 and a death score of 0, and a year of suffering from a very sick, prolonged bed, or highly depressed, unruly self-care score will be below 0 because many people prefer “Reimbursement” is not willing to live a crime. So how do you measure the severity of a disease? It can be seen from the patient’s evasive characteristics of treatment risk. Economists have done an interesting test. They tell patients with different diseases that if they take some kind of surgery, they may cure their disease, but once the surgery fails, they will die. From the evasive characteristics of different patients’ treatment risks, the severity of different diseases can be seen. For example, patients with severe diabetes (including blindness) are willing to take the risk of treatment with a cure rate of only 42%. In contrast, those with insomnia are more likely to coexist with the disease than patients with stroke or diabetes, rather than receiving high-risk treatment. In other words, the more patients are willing to take risks, the more serious their illness will be.

  Simply put, if there is no death, no aging, no diseases that are embarrassing and uncomfortable, it is difficult to understand the economic value of life. And when we need hospitalization, diagnosis, treatment, intensive care, and even dying, we know that valuable capital is already passing away and even ready to be emptied. So, should we do something more effective and forward-looking “investment” to run the most important “business” in this life?