What are economic and non-economic damages?

 

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Hey everyone, this is Ted Ravan from Ravan Law, and welcome to another Ted Talk Tuesday.

Today I’ll be talking about the difference between economic and non-economic damages. It is important to know the distinction between the two, because in some situations, you may not be able to recover both.

Economic damages or damages that are easy to determine. These are also known as special damages. They’re easy because they’re things like medical expenses, loss of wages, property damage, loss of earning capacity, these are all things that are quantified. Non-economic damages, though, are those that are not quantifiable and are often referred to as general damages. They are things like pain, suffering, emotional distress, physical impairment, loss of enjoyment of life, and inconvenience. Non-economic damages can have a huge value. For example, surgery can cost $50,000. But the pain and suffering impairment and distress before and after the surgery don’t have a price tag. But an experienced attorney can help fight for you and help you recover the best outcome. If you have any questions about this topic or any of the topics I talked about, call me at (888) 5-ASK-TED.

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