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Assessing Economic Damages in Personal Injury and

Assessing Economic Damages in Personal Injury and 2025

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The document provides a comprehensive analysis of the legal framework and methodologies for assessing economic damages in personal injury and wrongful death litigation in North Carolina. It outlines relevant state statutes, case law, and jury instructions that guide forensic economists in estimating damages. The article discusses specific aspects such as wrongful death compensation, personal injury damages, life expectancy considerations, earning capacity, household services, and the treatment of income taxes. Additionally, it highlights common practices and issues faced by forensic economists in the state.

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How do you calculate economic damages?

Economic damages are generally calculated as the difference between the monetary value of an asset or stream of cash flows at a certain point in time relative to the value of those same assets but-for the actions or negligence of the party accused of causing the decline in value.

What are economic damages in personal injury?

Economic damages include medical expenses, loss of earnings, reduced earning capacity, property damage, costs for nursing assistance, and other out-of-pocket expenses related to the injury. The calculation involves summing up all tangible costs like hospital bills, receipts, invoices, wage statements, and tax returns.

What is the economic loss rule for personal injury?

The rule prohibits the recovery of damages in tort (negligence, strict liability, etc.) when a product defect or failure results in only economic loss but does not cause personal injury or damage to any other property other than the product.

What are the three types of damage when assessing damages?

There are three types of damages in personal injury claims: non-economic damages, economic damages, and punitive damages. Special and general damages are alternative terms used to describe economic and non-economic losses.