What does Economic Damages mean?
Damages are the amount of monetary compensation which is given to an injured plaintiff who files a civil action against someone whose wrongful conduct has injured them. The purpose of compensation and for forcing the defendant to pay damages is to restore the injured party to the position they were in prior to the injury or loss.
Economic damages are awarded to compensate the victim for monetary losses and expenses they have incurred or expect to incur in the future. For example, economic damages can include payment for lost earnings (calculated as the amount of money which could have been earned by the plaintiff if they had not been injured). Claimants may also receive compensation if they have been disabled and have lost earning capacity. Additionally, a plaintiff may receive compensation for medical expenses for all future and present costs related to their injuries.
Consider, however, laws for receiving compensation for an injury claim can be impacted by whether or not the plaintiff was at fault for their injuries. For example, in some states if the plaintiff is more than 50% at fault they are not allowed to recover damages in a personal injury claim. Claimants who are injured due to medical negligence, however, are likely to receive economic compensation for their loss, assuming they file their case within the statute of limitations and can prove the doctor's negligence caused their injury.