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"Rational decision taking in those areas where life is at risk (such as safety investment to reduce physical risk in transport and health care) requires a value to be placed on life" - Explain why you agree or disagree with this statement.
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Topic 1: Accidental Deaths, Safety Policy and the Value of Life 1. "Rational decision taking in those areas where life is at risk (such as safety investment to reduce physical risk in transport and health care) requires a value to be placed on life." Explain why you agree or disagree with this statement. Economics is the study of the most efficient course of action to allocate finite resources. Health or life is a finite resource so in order to ascribe to rationality the most number of lives must be extended within the boundaries of natural law and the budget constraint. Natural law states that everyone will die at some point and the budget constraint states that there is a finite amount of finance available to extend these lives. To be rational and to follow economic theory correctly a value or cost is always involved because it is needed to compare with...
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