FARSIGHT

The High Cost of Living in the Moment

Apr 26, 2023
This discussion delves into 'present bias' and its detrimental effects on decision-making, posing risks for future generations. It highlights how the monetary value assigned to human life can influence healthcare policies worldwide. The tension between valuing predictable versus unpredictable outcomes is examined, shedding light on the moral dilemmas of favoring short-term gains. Additionally, initiatives like the Welsh Future Generations Commission are explored, emphasizing the necessity for political representation and economic frameworks that prioritize intergenerational equity.
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INSIGHT

Present Bias in Life-Saving

  • We prioritize saving identifiable lives in immediate danger over preventing future loss.
  • This bias impacts resource allocation for safety regulations and public health.
INSIGHT

Predictable vs. Unpredictable Statistical Lives

  • Statistical lives are divided into predictable and unpredictable.
  • We undervalue unpredictable lives, like those at risk in a potential factory explosion.
ANECDOTE

COVID-19 Lockdowns: A Trade-off

  • COVID-19 lockdowns highlighted the trade-off between saving lives and economic damage.
  • This exemplifies our tendency to favor predictable outcomes over unpredictable ones.
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