We have all heard Benjamin Franklin’s famous saying: “Time is Money”. However, when it comes to calculating economic damages, usually people tend to think of only income and benefits as having value. The time one spends providing services for their household can often be overlooked, specifically in injuries that result in death. Each member of a household […]
When dealing with a personal injury or medical malpractice matter that results in a wrongful death, it is important to remove the personal consumption of the Decedent when calculating damages. Indivisible expenses are not to be included as part of the Decedent’s personal consumption at all. When calculating personal consumption, it is important to take […]
When a Plaintiff can no longer work due to an injury, the loss of future earnings will span from the date of the incident all the way through their pre-incident retirement date. When most people think of retirement, age 65 is usually what pops into mind. To qualify for full Social Security Retirement Benefits, individuals […]
Today, technological advances are made seemingly daily and institutions large and small from governments and Fortune 500 Companies to mom and pop shops are becoming increasingly reliant on technology and in turn increasingly vulnerable. The biggest appeal of technology is that it can make business far more efficient and reduce costs. However, as economists, we […]
In many cases, pain and suffering, which is considered non-economic damages, is a significant portion of the total damages. For example, the case of Russell Sheaffer vs. NuCO2* was one where the Plaintiff suffered personal injuries as a result of a motor vehicle incident. In June of 2015, the Plaintiff was awarded over $17 million in damages. […]
There are lawyers that often do not utilize the services of an expert economist, especially when the earnings portion of the case appears cut and dry. Instead, they choose to calculate the damages in-house in the interest of cutting costs. We are going to discuss a hypothetical personal injury case which seems to have a […]
According the US Department of Labor – Wage and Hour Division, in FY 2015, over $246 million in back wages for over 240,000 workers was collected. View full statistics here: http://www.dol.gov/whd/statistics/statstables.htm With the number of Wage & Hour claims increasing, hirings an expert economist to calculate the damages can be a great asset to have in court.