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Behind the Science of Defining What’s Truly Priceless

By Len Penzo

Some things are utterly impossible to put a price on. For example, regardless what’s offered, no rational person would ever sell their family. It’s also impossible to put a monetary value on good health — let alone human life. Even so, that didn’t stop Stanford economists from determining that the value of human life was roughly $129,000 — a finding which brings to mind Oscar Wilde’s observation that cynics know the price of everything and the value of nothing.

The bottom line: Ultimately, the price of everything is in the eye of the beholder. Whether it’s correct, however, is another matter altogether.

Photo Credit: The Honeybee

March 9, 2023

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Comments

  1. 1

    Kathleen says

    So beautifully expressed in so few words. Thank you for the reminder.

  2. 2

    Kris @ Everyday Tips says

    I guess I am overinsured then…

    I love the ‘if correct’ part of the story. I have to definitely disagree with the 129k…

  3. 3

    Squirrelers says

    Good post. This is why it’s not always possible to really judge people for each and every financial decision they make.

  4. 4

    Jambalaya says

    “Whether its correct, however, is another matter altogether.”

    As long as it’s correct to the beholder, what else matters?

    • 5

      Len Penzo says

      Wouldn’t it matter to you if you are a passenger in a taxi and your driver happens to be an unemployed Stanford economist? I know I’d be a little bit nervous. 😉

      • 6

        Steven says

        If he were a taxi driver, he wouldn’t be unemployed. 😉

      • 7

        DC says

        An economist taxi driver? Oh no…

        “First, let’s assume there’s no traffic in our way…”

  5. 8

    Jambalaya says

    Well Len, as long as my taxi driver drives me safely and efficiently to my destination and his fare meter is working properly, his status as an economist/philosopher/lawyer/ditch digger/etc has no meaning to me whatsoever. 🙂

  6. 9

    First Gen American says

    I think they’re off by an order of magnitude, at least as defined by my life insurance broker.

    I also think the price would vary depending on the age of that life too. Would you pay the same for a newborn vs grandma betty? Unbelievable that someone would actually put a figure down.

  7. 10

    DC says

    “[…] no rational person would ever sell their family.”

    Sadly, this in fact still happens in the world when destitute families sell a daughter. When circumstances are desperate, it becomes easier to rationalize extreme behavior.

    This, I think, is an argument for why there needs to be some level of unemployment benefits. Not an ideal solution, but it helps keep families, and by extension society from falling apart.

    • 11

      Len Penzo says

      Agree about the unemployment benefits, DC. Although, I still think 99 weeks is at least 47 weeks too long. (But that’s a different topic altogether.)

  8. 12

    Bret says

    Time is one of the truly priceless elements, yet people put a price on it every day. I have finally begun to value my time based on its scarcity, instead of its value in the marketplace.

    • 13

      Len Penzo says

      Me too, Bret. Hope all is well!

  9. 14

    RD Blakeslee says

    https://lenpenzo.com/blog/id46631-grandfather-says-something-of-value-we-all-have-2.html

    https://lenpenzo.com/blog/id46625-grandfather-says-net-worth-and-real-value-2.html

    • 15

      bill says

      Great truths Mr. Dave.
      You’ve got me singing The Best Things In Life Are Free.

  10. 16

    bill says

    Len, could you get your wife to take a new photo of you for the blog?

    If you’d lived with my family, you’d know why I would have sold them for $2.25. (I could get more fudge.)

    Great truth in such simple words. I am happy with peace, and something good to read.

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