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All of these numbers were put together in a very interesting New York Timesarticle, which can be somewhat uncomfortable to read. The article outlines what is essentially a cost/benefit analysis where they determine whether or not new regulations on industry would be financially feasible. For instance, let’s say that there is a new technology that would prevent a certain type of accident, but it is an accident that happens relatively rarely. Federal agencies would then take their version of monetary value of a human life, multiply it by the amount of times that particular accident happens, and then compare that number to the cost of forcing industries to implement that technology. This is not to say that this formula is the arbiter of whether regulation gets put into place, but if the cost of implementing regulation is much cheaper than the cost of lost human life, it certainly makes a clear argument for enacting that regulation. The howls of protest that come from businesses and industries of all types are quite interesting, particularly because they are placed in the awkward position of having to haggle over what they truly believe a human life is worth. After all, the more human life is valued financially, the more likely they are to have to obey regulations that could cost them money.

As mentioned in the article, one group that is very much against increasing the value of human life is the Chamber of Commerce, who are doing everything they can to encourage more Congressional control over regulations in general. If you wish to know exactly how much they think a human life is worth, all you have to do is take a look at the non-economic damage caps that are in place in quite a few states. These caps are in place largely because of the legislative influence of the Chamber of Commerce.

Alabama, for instance, believes that a human life is worth a maximum of $400,000. Alaska believes a human life is worth $250,000. Maryland is a bit more generous, with a current cap of $680,000. Virginia believes human life is worth $2 million. And there are several other states that have determined that if you subtract what you are worth financially, then your life in general is worth significantly less than what the federal government has determined it is worth.

We have a hard time accepting caps of any sort, regardless of whether they are on the high or low ends of the spectrum. We have a problem with caps primarily because we have a serious problem with the idea of a predetermined monetary value placed on human life. But we would at least admit that the amounts that the federal agencies use for their arithmetic seem reasonable, even if the industries that fight against regulation do not. And if you are going to place a strict monetary value on a human life, wouldn’t it seem decent to have it on the higher side rather the lower? In many of the states where these caps are in place, the compensation levels can barely be called compensation, and actually price many injury victims directly out of the courtroom. That’s fine for the insurance companies, and its fine for the businesses, but for people who get injured due to the negligence of someone else, “equal justice under the law” is a theory rather than a fact.

Greenberg and Bederman is a personal injury law firm located in Silver Spring, Maryland. We are currently offering legal assistance to those who have been injured in car or truck accidents, pedestrian or bicycle accidents, medical malpractice, product liability or premises liability. If you or a loved one in Virginia, Maryland or D.C. has been injured in an accident due the actions of someone else,  contact Greenberg & Bederman for a free legal consultation.