Why does an Alaskan crab fisherman make a lot more money per hour than a hotel desk clerk, even if both are strong and hardworking? Part of the answer, of course, is skill. But another big part—one that Adam Smith noticed nearly 250 years ago—is that some jobs are more dangerous, more uncomfortable, or offer fewer perks, and wages adjust to make up for those differences. This chapter shows how we can measure those trade-offs and use them to put a value on things that don’t come with a price tag, like safety or the risk of death itself.