Economic Damages

Term: Economic DamagesDefinition: Monetary losses that can be quantified and compensated, such as medical expenses, lost wages, and loss of earning capacity.Phonetic Pronunciation: (ee-KON-oh-mik DAM-ij-ez)Origin: The term "economic" derives from the Greek word "oikonomikos," meaning "skilled in household management," which relates to the management of resources. "Damages" comes from the Latin "damnum," meaning "loss" or "hurt," reflecting the financial harm suffered by an individual.Significance in Asbestos Context: In asbestos litigation, economic damages are crucial as they represent the tangible financial impact on victims, including costs for treatment and lost income. These damages are often a significant part of the compensation sought in lawsuits against asbestos manufacturers and employers.Example Sentence: The plaintiff's attorney argued that the economic damages from the client's asbestos-related illness included over $100,000 in medical bills and significant lost wages due to inability to work.Related Terms: Compensatory Damages, Non-Economic Damages, Punitive Damages, Loss of Consortium, Medical ExpensesNotes: - Economic damages are distinct from non-economic damages, which cover pain and suffering. - These damages must be proven with documentation such as medical bills and pay stubs. - In some jurisdictions, future economic damages can also be claimed if they can be reasonably estimated.