As a major financial center, New York has no shortage of talented professionals in economics, statistics, and actuarial science. At the same time, it has no consistent or coherent methodology whereby a jury award for future damages in a wrongful death medical malpractice case may be converted into a judgment in favor of the estate.
Since the "economics of law" in this area significantly diverge from the laws of economics, perhaps the time has come for the court system to take advantage of some of this considerable local talent, and for the Legislature to revisit the issue of the statutory interest rate, in order to ensure that damages awarded in such cases indeed represent "fair and just compensation" and not overcompensation that is punitive in all but name.
A Dying Art
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