In 2008, there were 14,137 homicides in the US (source), of which 9,484 involved a firearm (source). If we assume (very generously) that none of these would have happened if there were no civilian firearms, we'd save 9,484 lives.
In 2008 the value of a life was £6.9 million (source), so those deaths cost $65,400 million.
Banning guns wouldn't (supposedly) just save those though; it'd also save lives in future years. As this functions like an investment, we'll discount it by 10% (long run stock market return), and get a present value of $654,000 million.
There around 270 million civilian guns in the US (source).
In 2008 4,498,944 guns were produced (source), and industry revenue was $9.4 billion (source), for an average price of $2,089. (possibly a slightly over-estimate if military/police weapons cost more, but might also get bulk discounts).
So the total price of the US civilian gun stock (2008) is $564,000 million.
Now the contentious bit. If the ban magically destroyed all these guns, we'd lose not only their price but also their consumer surplus. Let us utter handwave and say the surplus is the same as the price. So we'd lose $1,128,000 million.
Therefore the net present value of a ban is $654,000 million - $1,128,000 million = negative $474000 million.
Contentious assumptions made:
- All homicides made using guns would not be made otherwise in absence of guns. (major assumption, favouring ban)
- The statistical value of a murder victim's life is the same as the average life. (somewhat major, as higher socioeconomic groups are murdered less often. favours ban.)
- All US civilian guns would be magically destroyed. There would be no implementation costs (favours ban) and no re-sale value (favours laissez faire. Market value of arms might collapse with US ban anyway though.).
- There are no other externalities associated with gun ownership. (major. I suspect favours ban, as the other major externality is deterrence of crime/state oppression).
- I'm not sure how to deal with the consumer surplus issue.
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There's a science question here, and there's an engineering question here. They are two different questions.
Science asks, what are the numbers, what are the likelihoods? And there is always going to be more study needed. Consider that people are still arguing over evolution, there may never be numbers so compelling that they convince everyone.
The engineering question asks what we could do to change things. Engineers don't get to wait for better numbers, they have to do the best they can with what they've got. We don't really know why the violent crime rate has been going down for the last three decades, when everyone expected the rate to rise. Was it declining lead levels? Legalized abortion? How much consensus would we need to do more of it?
Lots of focus on fiction media- the videogames and movies that are supposed to be shaping young people's thoughts. I don't see news people asking questions on what effects their own reporting has had on the problem. Roger Eber thttp://boingboing.net/2012/12/15/roger-ebert-on-how-the-press-r.html and Charlie Brooker http://www.youtube.com/watch?v=PezlFNTGWv4 both make a compelling case that it's the way these events are reported that makes their recurrence inevitable.
Ultimimately, i think you have to decide how deeply you want to question these things. James Howard Kunstler http://www.youtube.com/watch?v=Q1ZeXnmDZMQ&feature=youtu.be#t=14m29s points to the architecture we live in as a primary source of dispair. I think he's got a point too.
Mass shootings are not the only symptom that we are doing it wrong. I doubt that it's even the worst symptom of us doing it wrong. They're just a symptom that few would disagree about that something needs changing.