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February 10, 2012
Lisa M. Krieger: Man with defibrillator demands access to his own heart's information
David G. Savage: Why activists may not be in a hurry to have High Court rule on alternative marriage
February 9, 2012
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Kimberly Palmer: How to actually enjoy -- relaxing, financially -- your vacation
February 8, 2012
Warren Richey: Why momentous Prop. 8 ruling might not satisfy gay-rights groups
Menachem Wecker: Though Controversial, LL.M.'s Can Lead to Specialized Legal Jobs
The Kosher Gourmet byDana Velden: Going to the bother of making soup? You know it better be good. This CREAM OF TOMATO SOUP certainly is! And it's a cinch to make, too (Includes techinques and serving secrets)
February 7, 2012
Frank J. Gaffney, Jr.: Caught off-guard? President's Super Bowl interview with Matt Lauer gives those who need a reason not to vote for him, a darn good one
Suzanne Bohan: Leaping lizards! Tiny reptiles advancing robot design
February 6, 2012
Jonathan Tobin: Iran Threatens Israel With Destruction, But the New York Times Doesn't Hear It
Jeffrey Fleishman: In newly democratic Egypt, tens of democracy activists jailed, to stand trial; their groups are 'threatening the stability of the homeland'
Julie Deardorff : Researchers say antioxidants may not be that effective and could do more harm than good
Mark Clayton: How did Anonymous hackers eavesdrop on FBI and Scotland Yard?
February 3, 2012
Edmund Sanders : Israeli official says Iran is creating missile that could reach East Coast of US
Victoria Kim: Immigrant-smuggling ring used black drivers to avoid racial profiling
February 2, 2012
Jim Carney: Wrong number call may have saved her life
Reza Kahlili : Ex-CIA spy in Iran's Revolutionary Guard: What Obama doesn't grasp about striking deals with Tehran
Tina Susman: For woodchuck rescuer, every day is Groundhog Day
February 1, 2012
Brian Bennett: US officials see increasing threat of domestic attack from Iran
Emily Brandon: How to Take Advantage of New 401(k) Fee Disclosures
January 31, 2012
January 30, 2012
Paul Richter and Ramin Mostaghim: Misreading Teheran's limits -- deadly and economically devastating as they may be -- is a risk administration, Europe seem willing to take
Suzanne Bohan: Warning: Nap-deprived tots missing more than sleep, study finds
Meg Handley: Banks Revamping Rewards Programs to Woo Customers
January 27, 2012
Caroline B. Glick: Obama: Of course I intend to prevent a nuclear holocaust . . . in a few months
Yochonon Donn: In liberal New York City, fervently-Orthodox Jews may soon be getting a district to call their own
Jeannine Stein: An inflated ego and thinking you're 'all that' doesn't just make others sick of you, it can make you ill
Katy Hopkins: New budget rules may affect how much money you get for college
January 26, 2012
Ed Koch: To the New York Times, calling for the murder of Jews by those capable of having their incitement taken seriously isn't news
Jeannine Stein: Mental illness struck one in five U.S. adults in 2010: Report
January 25, 2012
Richard Simon: House passes two bills endorsing the use of religious symbols at military memorials
Fred Weir: Putin: Multiethnic Russia cannot survive as a US-style 'melting pot'; must find its own way
Susan Johnston: 5 Sneaky Coupon Strategies Consumers Should Watch Out For
January 24, 2012
Carol Clark: The price of your soul: How your brain decides whether to 'sell out'
Caroline B. Glick: America lost most in 'Arab Spring'. Sadly, many voters still don't grasp the extent
Warren Richey: Drug criminal scores win in GPS ruling from conservative-leaning high court
Erika Bolstad: Black conservatives gather to talk about gaining strength
January 23, 2012
Melissa Dribben: Jewish voters to play a key role in Florida's Republican primary
Jordan Rau: In quest to grow, Catholic hospital system will announce this morning its break from church
Ali Safi: U.S. envoy gives Taliban terms for peace talks
January 19, 2012
January 18, 2012
January 17, 2012
Frank J. Gaffney Jr.: No-kidding red lines: U.S. response to an Iranian nuke may be bluster, but Israel's won't be
David G. Savage: They sued their principals after slandering them online --- now the cases are headed to the Supreme Court
David Francis: Where to Invest in 2012: With stocks expected to rebound, opportunity abounds for investors
January 13, 2012
Ben Lynfield: Israeli lawmakers move to annex Jewish Judea, one museum at a time
Alexia Elejalde-Ruiz: Thriving through touch: Gentle massage helps older people with low mobility improve in mind and body
January 12, 2012
Warren Richey: Landmark Supreme Court ruling a 'resounding win' for religious groups
Warren Richey: Supreme Court says no to new rule on eyewitness testimony
John Fauber : Statins found to raise diabetes risk in postmenopausal women
Katy Hopkins : Consider This Before You Pay for an Online Degree
The Kosher Gourmet by Joseph Erdos: This mushroom and barley soup has an intense -- almost nutty -- flavor that mixes robust with Middle East. It has creaminess without cream
January 11, 2012
Shari Roan: Millions of atrial fibrillation sufferers at risk for devastating, but preventable, stroke
Tom Hussain: Pakistan -- recipient of more than $21 billion in civilian and military aid -- speeds pursuit of Iranian pipeline, defying US
David G. Savage: High court signals it won't be loosening TV's 'indecency' rules
Stephen Ceasar: Oklahoma's Islamic law amendment can't go into effect, court rules
January 10, 2012
Reza Kahlili: From an ex-CIA spy: US must exploit new split in Iran's Revolutionary Guard
Karen Kaplan: Study: Nicotine replacement products ineffective when used in real-life situations
January 9, 2012
Michael Doyle: Put through legal hell over dream home, couple fought back hard --- all the way to Supreme Court
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Jewish World Review
Feb. 20, 2008
/ 14 Adar I 5768
Costs vs. Benefits
By
Walter Williams
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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.
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