Who and What Is a Forensic Economist?

After many years of teaching economics, I often attempt to define the word economics to my undergraduate, and even graduate, students. Typically I offer definitions with the theme of: economics is the study of how decisions are made in the presence of scarcity. This article will further be a challenge in that it will offer a brief definition of forensic economics and will explain, in layman’s terms, some basic functions and roles of Forensic Economists, some common problems they encounter as well as a brief outline on how Forensic Economists and vocational experts complement one another in the tort resolution process. After authoring many articles, this one has many particularly pleasurable aspects such as the inclusion of personal observation and opinion in some instances. One potential descriptor of this article is it attempts to explain the forensic economic profession as if the author were being queried by a student seeking career advice. Overall, the article is designed and intended to provide a general overview into the world of forensic economics, with the primary audience encompassing vocational experts, attorneys, students and other parties who wish to be more educated on the basics of this economic discipline.