Forensic Economics: Role in tort

Over the last three decades the profession of forensic economics has experienced rapid growth, and an
expansion into all areas of civil torts and public law. A forensic economist is an economist who applies the general theories and methodologies of economics to the measurement of damages and/or proof of liability in litigation. In the past, the field of forensic economics has been viewed as a mere extension of other fields of economics such as labor economics and price theory. During the past two decades though, it has become a unique discipline, and in 1985 the National Association of Forensic Economics (NAFE) was founded. It now has over six hundred members in all fifty states, and six common law countries.
Prior to the twentieth century, damage calculations in civil torts were largely restricted to commercial torts. In English common law, precedents existed for the award of pecuniary damages when commercial interests were infringed upon, or when personal property was destroyed. ...