The term 'forensic economics' keeps popping up these days, but many of us are still unsure about what it really means. At DiGabriele, McNulty, Campanella & Co., LLC we provide in-depth forensic economic services and want to spread the word on this scientific study.
Forensic economics is the application of economic schools of thought to any monetary losses or damages as indicated by law and legislation. The forensics economics “umbrella” covers topics such as:
- Analyzing claims for evidence of damage liability
- Utilizing forensic economic methods
- Calculating economic damages in commercial and personal litigation
Forensic economists use economic principles to solve legal issues. They are often incorporated into civil suits to determine the extent of economic damage. These specialists may be called upon in a civil case, when someone is suing another for damages. He/she will figure out the true monetary loss that will be later presented in court. Forensic economists analyze the economic impact of a situation, including lost potential profits and wages as well as predicting the value of a lost life, ie how much he/she may have contributed – financially or otherwise – to society. The latter comes in handy when awarding damages in a wrongful death lawsuit.
At DMCPA we assist attorneys and insurance companies to give an economic value to business failure, deaths and injuries. Forensic economics involves careful and meticulous data analysis in order to determine who is to blame in each case and to what extent. We solve these puzzles by analyzing financial losses, listening to witness testimony and uncovering crucial pieces of data. We also make sure to research the opposing side to learn more about their claims, create key testimony and present concise and informative reports.
For more information on forensic economics, contact DMCPA today at 973-243-2600.
