Cost of Accidents
Road transportation is the backbone of trade, access to markets, education and health care. The worldwide number of road deaths is an unacceptable 1.24 million per year. Comprehensive road safety laws cover only 7% of the world’s population. Casualties from road accidents are invariably those who are in the lower classes of society. 518 Billion Dollars is the estimated cost of accidents worldwide.
Cost of accidents can be worked out in many ways. The ‘Gross Output’ or ‘human capital method’ entails costs to be divided into those that cause a diversion of current resources and those that Continue reading...