And he is certainly right about one thing: When it comes to many regulations, it is best to leave such calculations of benefit and cost to the market, rather than the government. People can make their own assessments of the risks, and the price they’re willing to pay to allay them, rather than substituting the judgment of some politician or bureaucrat who will not receive the benefit or pay the cost.
Grenfell Tower, of course, was public housing, which changes the calculation somewhat. And yet, even there, trade-offs have to be made. The government spends money on a great number of things, many of which save lives. Every dollar it spends on installing sprinkler systems cannot be spent on the health service, or national defense, or pollution control. Would more lives be saved by those measures or by sprinkler systems in public housing? It’s hard to say.