What is a forensic economist?

Forensic economist is a person who applies economic principles to legal situations. Forensic economists are often consulted in civil lawsuits if economic damage is involved, although they can also play a role in criminal cases that include economic damage or damage. Economic experts usually have a postgraduate title in the field of economy paired with a number of years of experience in the field and can work as professors of economics, except that they are available for legal consultations.

There are a number of settings in which a forensic economist could be called. A classic example is a civic case in which someone sued for damages, such as the case where someone injured in a traffic accident requires reparations. Forensic economist can do things like real estimation of lost potential earnings. This estimate is used to determine the amount of damages that would be fair, given this case and the situation.

Forensic economists can assessTitations and achieve information about their economic impact. This may include the predictions of lost profits, lost potential wages, etc. Forensic economists can also be involved in determining the value of lost lives, looking at possible contributions that someone could contribute to help in adding damages in a situation like unlawful death.

In some cases, a forensic economist may be invited to testify as an expert. The Economist determines his work in a way that is accessible to the jury, explains how a particular number has occurred, and provides supporting evidence of a claim that has made one or the other party. In other cases, forensic economists will be consulted by lawyers when they develop a case to collect information that will be useful in the presentation of their party, and the deposition can be accepted so that the fluid may not appear in court.

workAs an forensic economist, in addition to training in the economy, the knowledge of the legal system and a high degree of personal ethics. Some forensic economists will find full -time jobs for their skills, while others can offer forensic counseling as a side line. People who intend to serve as experts must also be involved in professional organizations and research to maintain their credentials high in order to be respected at the stand.