Simon Wood

Covid, lockdown and the economics of valuing lives

The government is facing some difficult calculations

(Photo by DANIEL LEAL-OLIVAS/AFP via Getty Images) 
issue 03 October 2020

How much should we pay to save life? The question is often viewed as distasteful: you can’t put a price on human life. But resources are finite. Even if the only purpose of life was to prolong it for as long as possible, there would be limits to healthcare affordability. So if resources are limited, how can their application be made fairly? And how can this logic be applied in a pandemic?

One element when establishing a fair method is to consider life years saved rather than lives saved. This recognises that someone of my age (55), who has already enjoyed two-thirds of his likely life span, should be a lower priority for treatment than a child who has had barely a tenth of theirs. A vampire society might sacrifice the young to prolong the lives of the old, but most of us would reject this, whatever our age. Counting life years also acknowledges that life-saving is always temporary; that medicine is really about prolonging life.

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