Compensation for injuries to Canadian workmen

However a person feels about abortion, a question is likely to come to mind: what are we to make of the trade-off of more abortion for less crime? Is it even possible to put a number on such a complicated transaction? As it happens, economists have a curious habit of affixing numbers to complicated transactions. Consider the effort to save the northern spotted owl from extinction. One economic study found that in order to protect roughly five thousand owls, the opportunity costsБЂ”that is, the income surrendered by the logging industry and othersБЂ”would be $46 billion, or just over $9 million per owl. After the Exxon Valdez oil spill in 1989, another study estimated the amount that the typical American household would be willing to pay to avoid another such disaster: $31. An economist can affix a value even to a particular body part. Consider the schedule that the state of Connecticut uses to compensate for work-related injuries. LOST OR DAMAGED BODY PART | COMPENSATED WEEKS OF PAY Finger (first) | 36 Finger (second) ...»