What Is A Vocational Economist?
A vocational economist is an economist that is going to project out over a lifetime what the diminished earnings capacity the person has suffered. And let me tell you what that word means. It just means that when a person has suffered a brain injury, their mind is not working like it used to work and this is going to have many times a profound effect on their earning capacity.
So the person might be out of work for a year, that’s lost wages. But how about year two to the point of retirement? What is the effect on that person’s earning capacity? That vocational economist is a specialist in the area for projecting out these losses over five, 10, 15, 20, 20, 25, 30, 35, 40 years. And those damages really start to add up. So it’s very, very important to bring in a vocational economist at some point in the case to establish what the true loss, financial loss that person has suffered.