A forensic economist is a lawyer who uses economic principles to solve legal problems. In civil cases involving economic damages, forensic economists are frequently consulted, but they can also play a role in criminal cases involving economic harm or damages. These economics experts typically have graduate degrees in economics and a number of years of experience in the field, and they may work as economics professors in addition to providing legal advice.
A forensic economist may be called upon in a variety of circumstances. A civil case in which someone is suing for damages, such as a case in which someone is suing for damages after being injured in a car accident, is a classic example. A forensic economist can arrive at a true estimate of lost potential earnings, for example. This estimate is used to determine a reasonable amount of damages in light of the facts and circumstances.
Forensic economists are capable of assessing situations and determining their economic impact. Predictions of lost profits, lost potential wages, and so on are examples of this. Forensic economists may be involved in determining the value of lost lives by examining the potential contributions someone may have made to society in order to aid in the awarding of damages in wrongful death cases.
A forensic economist may be called to testify as an expert witness in some cases. The economist lays out his or her work in a way that the jury can understand, explaining how a particular number was arrived at and providing evidence to support one side or the other’s claim. In other cases, lawyers will consult forensic economists while developing a case in order to gather information that will be useful in presenting their case, and a deposition may be taken so that the economist does not have to appear in court.
In addition to economics training, working as a forensic economist necessitates knowledge of the legal system and a high level of personal ethics. Some forensic economists work full-time in the field, while others work as forensic consultants on the side. People who want to be expert witnesses should be involved in professional organizations and research in order to maintain their credentials and be respected on the stand.