What are economic damages?

Economic damages are costs incurred by an individual as a result of an accident or injury. In New Jersey, they are the most common form of damages awarded in personal injury cases. Economic damages are intended to make the injured party whole by compensating them for the costs they incurred due to the accident or injury. Economic damages can include compensation for loss of wages due to missing work, medical bills for the treatment of their injury, and other expenses such as medication and physical therapy. If someone is permanently disabled, economic damages may also include the cost of any necessary future medical care, as well as compensation for loss of future earning potential. In addition, economic damages may include “non-economic” damages, such as compensation for pain and suffering. In theory, these damages are designed to provide solace for the injured party, as well as to hold the negligent party responsible for the accident or injury. In practice, these damages are sometimes difficult to prove, since they are subjective in nature. Overall, economic damages serve to compensate an injured party for any out-of-pocket costs they may have incurred as a result of another person’s negligence. They are an important part of accident law in New Jersey, helping to ensure that those who have been injured due to another’s carelessness are not forced to suffer additional costs.

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