
 |
|
May 24, 2013
May 22, 2013
John Thorne:
They launched the 'Arab Spring' but now yearn for the good old days of a strongman
May 20, 2013
Richard A. Serrano: Is Meir Kahane's assassin now a changed man?
Melissa Healy: Genetic copies of living people from embryos no longer science fiction
Jewz in the Newz by Nate Bloom : Jews Inducted into Rock Hall of Fame; Anton Yelchin co-stars in New "Trek" film; Kutcher (but not Kunis) visits Israel; Jewish TV Star Praises Jewish Rap Star
The Kosher Gourmet by Cathy Pollak: WARNING: This WALNUT CAKE WITH PRALINE FROSTING, perfect for afternoon coffee, is addicting
May 13, 2013
Rabbi Nathan Lopes Cardozo: Why the giving of the document that would permanently change the world could only be done in desolation
David G. Savage: Church-state, literally? Supreme Court weighing public school graduation in a church
May 10, 2013
Rabbi Berel Wein: Be all that you should be
May 8, 2013
Peter Ford: Why China is welcoming both Israel's Netanyahu and Palestinians' Abbas
Warren Richey: Obama administration quietly backs out of appeal over new contraceptive mandate
Fred Weir: At Kerry-Putin meeting, US-Russia relations thaw --- a tad
The Kosher Gourmet by Leela Cyd Ross : Almost too pretty to eat, this colorful salad with Sicilian inspiration will tickle the taste buds and delight your visual sensibility
May 6, 2013
May 3, 2013
Kids, kittens the Same? With employee perks at struggling Internet pioneer Yahoo! it's hard to tell
Sandy Kleffman: Artificial kidney offers hope to patients tethered to a dialysis machine
April 29, 2013
Roy Gutman: Poland's new Jewish museum celebrates life, doesn't revisit Holocaust
Mark Clayton: Terrorism in America: Is US missing a chance to learn from failed plots?
Kim Murphy: Boston Bomber's 'Svengali' Revealed
Pete Spotts: Tiny satellites + cellphones = cheaper 'eyes in the sky' for NASA
April 26, 2013
Clifford D. May: Defense in the Age of Jihadist Terrorism
Sharon Palmer, R.D.: How to feel your best -- with plenty of energy, a healthy weight and optimal mental and physical function -- without driving yourself batty
April 24, 2013
|
| |
Jewish World Review
Feb. 20, 2008
/ 14 Adar I 5768
Costs vs. Benefits
By
Walter Williams
| 
|
|
|
|
http://www.JewishWorldReview.com |
If we look to benefits only, we'll do darn near anything because there's always a benefit. The National Highway Traffic Safety Administration reported that there were 43,443 highway fatalities in 2005. If we had a maximum speed law of 15 mph, the death toll wouldn't be nearly as high, probably not even as high as 500. You say, "Williams, that's a crazy idea!" You're right, but let's not call it crazy; it's more accurate to say: saving some 43,000 lives aren't worth the cost and inconvenience of a 15 mph speed limit.
Suppose there was a one percent risk of a $10,000 loss, how much are you willing to pay to try to prevent or insure against it? I doubt whether any reasonable person would be willing to pay $9,000, $5,000 or even $1,000, though he might be willing to pay $100. Surely there's a benefit to preventing a loss, but at what cost?
Let's apply cost versus benefits to anti-terrorism expenditures. Wyoming has two major cities: Cheyenne, its capital, with 53,000 population; and Casper, with 50,000. Federal and state homeland security anti-terrorism expenditures in 2007 totaled $6,673,910. What is the risk of Wyoming being a terrorist target and, if so, what is the expected cost in terms of human lives and property?
There's no precise way to determine Wyoming's risk of a terrorist attack and its cost, but simple reasoning suggests that too little or too much can be spent. The effect of spending too little might result in a devastating terrorist attack that could have been prevented. The effect of spending too much is less obvious because the victims are invisible. For example, purchase prices for new dump trucks for snow and ice removal range between $140,000 and $160,000. How many Wyoming lives could have been saved had some of the anti-terrorism expenditures been spent on additional dump trucks to clear streets and roads of snow and ice? There are many other lifesaving expenditures but the point is that a dollar spent for anti-terrorism is a dollar that can't be spent elsewhere where it might possibly save more lives.
The 1984 National Organ Transplant Act, which prohibits payments to organ donors or their families, creates benefits in the form of feel-good ethical values at a huge cost of lives. That's because organs must be supplied to recipients at zero price. Huge shortages are the result, as it would be if cars, homes, food, dental services and clothing had to be supplied at zero price. That's precisely the finding by Professors Randolph Beard, John Jackson and David Kaserman in their article "The Failure of U.S. Organ Procurement Policy," published in the Winter 2008 edition of the Washington, D.C.-based Cato Institute Regulation magazine.
As of 2005, there were 90,000 Americans on the organ transplant waiting list that is expected to grow to 150,000 by 2015. The authors estimate that since 1990, close to 100,000 people have already died waiting for an organ and they estimate that by 2015, that number will have grown to 196,000. Such a toll doesn't include all the pain and suffering of the waiting patient and his family.
There are a couple of factors, in addition to feel-good ethical values, that might explain the success of the ban on organ sales. People awaiting organs are disproportionately poor, minority, disorganized, sick and unaware of the cause of their plight. The people who benefit from their plight earn a lot of money and are highly organized. These are owners of dialysis clinics, those who receive funding for transplant research and agencies that manage organ procurement and allocation. In fact, everyone involved in the transplant business gets paid handsomely, except the organ donor. I'd like to know what standard of ethics justifies such a death toll and disconnect between costs and benefits.
Every weekday JewishWorldReview.com publishes what many in the media and Washington consider "must-reading". Sign up for the daily JWR update. It's free. Just click here.
Walter Williams Archives
© 2006, Creators Syndicate.
|
|

Arnold Ahlert
Mitch Albom
Jay Ambrose
Michael Barone
Barrywood
Lori Borgman
Stratfor Briefing
Mona Charen
Linda Chavez
Richard Z. Chesnoff
Ann Coulter
Greg Crosby
Larry Elder
Suzanne Fields
Christine Flowers
Frank J. Gaffney
Bernie Goldberg
Jonah Goldberg
Julia Gorin
Jonathan Gurwitz
Paul Greenberg
Argus Hamilton
Victor Davis Hanson
Betsy Hart
Ron Hart
Nat Hentoff
A. Barton Hinkle
Jeff Jacoby
Paul Johnson
Jack Kelly
Ch. Krauthammer
David Limbaugh
Kathryn Lopez
Rich Lowry
Michelle Malkin
Jackie Mason
Ann McFeatters
Dale McFeatters
Dana Milbank
Jeanne Moos
Dick Morris
Jim Mullen
Deroy Murdock
Judge A. Napolitano
Bill O'Reilly
Clarence Page
Kathleen Parker
Star Parker
Dennis Prager
Wesley Pruden
Tom Purcell
Sharon Randall
Robert Robb
Cokie & Steve Roberts
Heather Robinson
Debra J. Saunders
Martin Schram
Greg Schwem
Culture Shlock
David Shribman
Roger Simon
Lenore Skenazy
Michael Smerconish
Thomas Sowell
Ben Stein
Mark Steyn
John Stossel
Cal Thomas
Dan Thomasson
Bob Tyrrell
Diana West
Dave Weinbaum
George Will
Walter Williams
Byron York
ZeitGeist
Mort Zuckerman

Robert Arial
Chuck Asay
Baloo
Lisa Benson
Chip Bok
Dry Bones
John Branch
John Cole
J. D. Crowe
Matt Davies
John Deering
Brian Duffy
Everything's Relative
Mallard Fillmore
Glenn Foden
Jake Fuller
Bob Gorrel
Walt Handelsman
Joe Heller
David Hitch
Jerry Holbert
David Horsey
Lee Judge
Steve Kelley
Jeff Koterba
Dick Locher
Chan Lowe
Jimmy Margulies
Jack Ohman
Michael Ramirez
Rob Rogers
Drew Sheneman
Kevin Siers
Jeff Stahler
Scott Stantis
Danna Summers
Gary Varvel
Kirk Walters
Dan Wasserman

Tech Q&A
Mr. Know-It-All
Ask Doctor K
Richard Lederer
Frugal Living
On Nutrition
Bookmark These
Bruce Williams
|