Damages

Economic Damages:

Economic damages are damages that you can put a fixed price on.  In car accident cases, economic damages would include such things as: The cost to repair or replace the vehicle, the cost of a rental car, reimbursement for lost wages, and the cost of medical bills.

Noneconomic Damages:

Noneconomic damages are damages you cannot put a fixed price on.  Those include compensation for pain and suffering, paralysis, loss of life, and other physical injuries. 

Compensatory Damages:

Compensatory damages are those designed to compensate a victim for his or her loss.  As such, compensatory damages include both economic and noneconomic damages.  Compensatory damages are the civil law equivalent of restitution to a crime victim.

Punitive or Exemplary Damages:

While compensatory damages are designed to compensate a victim, punitive damages (sometimes called exemplary damages) are designed to punish the defendant.  Punitive damages are the civil law equivalent of a criminal fine.  Juries can only award punitive damages in special cases - they aren't very common.

The Controversy:

The single biggest goal of tort reform  is to put limits on the amount of noneconomic and punitive damages that juries may award.