Lalu dolled out Rs 5 lacs to each lives lost in the recent Orissa train accident. It makes sense about how mush is the value of life in terms of money. One approach sometime used by courts to award damage in wrongful death suits, is to looks at the total amounts of money a person would have earned if he or she had lived. But it has some bizarre implication that the life of a retired or disabled person has no value.
A better ways to value human life is to look at the risk that people are voluntarily willing to take and how much they must be paid for taking them.Construction worker face riskier than Office worker do.By comparing wages in risky and less risky occupation and other determinant, the value of human life is worth $10 millions.
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