chapter  9
Evaluation of Life and Limb: A Theoretical Approach
Pages 11

Method ( 1 ) , turning on the loss of potential future earnings, can be rationalized only if the criterion adopted in any economic reorganization turns on the value of its contribution to gross national product (GNP), or, more accurately, to net national product. But although financial journalists manage to convey the contrary impression, maximizing GNP is not an acceptable goal of economic policy. Notwithstanding its usage, most writers have mental reservations about its validity and tend to regard it as only part of the total measurement. For instance, Schelling ( 1968) makes a distinction between the value of likelihood, which is the L 1 measure, and the value of life, which poses a perplexing and possibly unsolvable problem.