Earlier quoted context omitted.
Contrary to popular belief, there's nothing unethical about attaching a price to a human life: it's a very uncomfortable question, and I think there ought to be some disagreement on what the number should be... But money is fundamentally just a unit of value. We use it to compare the value of different things. We can use it to convert between labour (someone's time, which is a fraction of one's life) and goods and se…
Thanks for the thoughtful comment. A lot of this thinking does line up for me, but it seems like there's something missing. Why do we all feel a little bit sick when we hear about car executives doing calculations to determine whether to perform a recall or not? Isn't it because we're putting a financial price on life? Or is it just that the price we're hearing is too low?
Less directly, there's the fact that new safety features often come to luxury vehicles first, and might eventually trickle down to cheaper cars due to competition and regulation (backup cameras, automatic emergency braking).
I think mostly we don't like to think about it. This comes up particularly in the health care industry. There was the (manufactured) furor over "death panels" but there's also the very real challenge of deciding whether it's worth paying possibly millions of dollars on a drug that might have a marginal-at-best improvement in someone's survival odds. And it's not just about some corporate executive's pockets; these costs get passed on to regular people through increased premiums and may cause people to drop their health insurance entirely.