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The Lie at the Heart of Economics

The Lie at the Heart of Economics

Imagine that you are standing in line at a polling station to cast your vote. However, this year, it seems the poll workers are doing something different. Each person who walks away from the registration table has a different number of ballots. Most people have one or two, but some have three or four. One man in a suit walks away with a large stack of at least 20! A woman is turned away without a single ballot.

How Much Is Your Life Worth?

How Much Is Your Life Worth?

Have you ever wondered how much your life is worth? Economists have. The good news is that, if you are an American, your life is very valuable, with the EPA setting the value of your life at around $7,400,000, though other estimates (such as the estimate used in the visualization below) place it higher, at closer to $9,600,000. However, if you live somewhere else, your life is likely worth less, often much less.

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