What economic concept focuses on both tangible and intangible costs associated with injuries?

The concept that focuses on both tangible and intangible costs associated with injuries is known as quality adjusted life years (QALYs). QALYs are a measure used to assess the value of health outcomes by considering both the quantity and the quality of life. This metric allows for the inclusion of various factors, such as years lived with disability and quality of life adjustments, making it particularly useful in health economics and in evaluating the overall impact of health interventions or injuries on an individual's well-being.

By quantifying the effective years of healthy life gained from treatments or preventative measures, QALYs encompass not just direct medical expenses (tangible costs) but also lost productivity and decreased quality of life resulting from injuries (intangible costs). This comprehensive approach is essential for policymakers and health administrators to allocate resources effectively and prioritize safety measures.

While accident cost assessments, net economic benefit, and capital investment analysis have their significance in evaluating economic implications, they don't integrate the holistic view of both tangible and intangible costs in the same way that QALYs do.