Forensic economists apply economic principles to legal situations, often consulted in civil actions involving economic damages. They can also play a role in criminal cases, assessing economic impact and testifying as expert witnesses. Personal ethics and knowledge of the legal system are required.
A forensic economist is a person who applies economic principles to legal situations. Forensic economists are often consulted in civil actions when they involve economic damages, although they can also play a role in criminal cases involving economic damages or damages. These economics professionals usually have graduate degrees in economics paired with several years of experience in the field and may work as professors of economics in addition to being available for legal consultations.
There are a variety of settings in which a forensic economist may be called upon. The classic example is a civil case where someone is suing for damages, such as a case where someone injured in a car accident is demanding repairs. The forensic economist can do things like come up with a true estimate of potential lost gains. This estimate is used to determine an amount in damages that would be fair given the case and situation.
Forensic economists can assess situations and gain insight into their economic impact. This can include forecasts of lost earnings, potential lost earnings, and so on. Forensic economists may also be involved in determining the value of lives lost, looking at the possible contributions someone might have made to society to help award damages in a situation such as a wrongful death case.
In some cases, a forensic economist may be called upon to testify as an expert witness. The economist presents his work in a way that is accessible to the jury, explaining how a specific number was reached and providing evidence for a claim made by one side or the other. In other cases, forensic economists will be consulted by lawyers while they are developing a case, to gather information that will be useful in making their case, and a deposition may be taken so that the economist does not have to appear in court.
Working as a forensic economist requires a knowledge of the legal system and a high degree of personal ethics, as well as training in the field of economics. Some forensic economists find full-time employment for their skills, while others may offer forensic consulting as a sideline. People who intend to serve as expert witnesses also need to be involved in professional organizations and research to keep their credentials high so that they are respected on the stand.
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