When it comes to understanding the costs of gun violence in the United States, many people rightfully focus on the human cost. People who are slain or take their own lives, their family members who suffer in the aftermath, and the communities afflicted by their losses are often centered in media coverage and conversations about gun violence. Yet whether caused by a mass shooting, assault or homicide, act of suicide, or police shootings, we all pay for the costs of gun violence in expected and unexpected ways.

In fact, the human toll of gun violence is so pervasive that its consequences permeate nearly every facet of U.S. society, including economics. Examining the economic consequences of gun violence, however, is not intended to put a price on human life. Rather, the aim is to provide a deeper understanding of just how extensive and ubiquitous gun violence is in the United States.

It is near impossible to sum up all of the monetary costs of gun violence in the United States. Estimates attempting to do just that have ranged from $229 billion to $280 billion, and all the way up to $557 billion per year. Such a wide range is not much of a surprise, considering the lack of reliable data and different assumptions that go into making these calculations.

All of these numbers, however, fail to encapsulate the total cost. This includes the psychological costs of gun violence, such as the emotional burdens of living in fear and the ongoing traumas experienced by individuals and communities. Then there are the indirect monetary costs that are often unaccounted for, such as lost investments and business opportunities, as well as macroeconomic harms. As a result, any overall estimates or numbers are more likely to be a lower-bound estimate rather than a complete picture.

Read the full article about the cost of gun violence by Andre Gobbo at Washington Center for Equitable Growth.