The Economic Value of a Person
Can we calculate the Economic Value of a Person like other goods??
Yes, It is possible now. A Researcher (Named, Ravee Shekhar) in 2020 has make a Unique Formula to calculate it very easily.
Summary are as follow:
Any Person either Man or Woman is working in any field known as Labours. According to Economics, They are count as Human Resources. Therefore, like every resource, it should have the Fix Economic Value. Human life is priceless. No one can cultivate the life by the virtue of Money. Many Economists are trying to find the Value of Human Life but it may be different from the Economic Value of a Person. Labours are count as one of the Four Factor of Production in Economy. Labours are playing a very vital role because the stability of Any Economy depends on his Production Capacity & Human Resources. One-way to calculate the value of human life is to look at how much more money a worker earns for doing a risky job. Another method is based on our behaviour. How much will we pay for safety features such as bicycle helmets or antilock brakes?
As of 2011, the US Environmental Protection Agency set the value of human life at $9.1 million. Meanwhile, the US Food and Drug Administration put it at $7.9 million and the US Department of
Transportation figure was around $6 million. Here, the entire Figure is showing the value of human life, not the Economic Value of a Person. Because The Economic Value of a Person must follow the following Terms & Conditions: 1. It should depend on the Current Age of a Person. 2. It should depend on the span of Working Years. 3. It should depend on Employment, Unemployment & Wages. 4. It should depend on Geographical Boundaries because the Economy is highly influenced by Political & Geographical forces. 5. More than 99% of the World Population should be able to earn that much amount in their entire life. Therefore, we seek a parameter, which can decide the Economic Value of a Person from all over the world. This Scale must be able to use different factors of Human Resources that have a very significant role in the overall earnings of a Worker. They are Life Expectancy, Total Working Years, Annual Income, Current Age and Inflation. In addition, This Scale must be able to distinguish between two persons and Countries. Adam Smith ushered in Classical economic thought with his 1776 publication The Wealth of Nations, “the wealth of nations” was identified with the annual national income rather than bullion or money in the royal treasury. Thus, The Economic Value of a Person must be independent of Family Wealth (Ancestor Property). WisdomofScience.com (talk) 14:05, 13 April 2023 (IST)