October 18, 2017

Archives for October 5, 2017

The TED Inequality All-Stars

Economic inequality is so important to a thorough look at happiness on and off the job that, before we leave the topic, I decided to provide an all-star lineup of TED talks on the subject, from a variety of perspectives. We’ve heard from the first two before, but not the last three.

This is Chrystia Freeland, journalist turned politician. We’ve heard a lot from her book Plutocrats already. Her political biases are evident in this talk.

Thomas Piketty, economist and professor at the Paris School of Economics, literally wrote the book on the subject — a 600-page runaway bestseller Capital in the Twenty-first Century. He talks fast enough to get through much of his book in this talk. I’ve quoted him before, too.

Paul Tudor Jones II is the billionaire founder of hedge fund Tudor Investment Corporation and a philanthropist. Here’s a sample:

[Capitalism is] a system I love because of the successes and opportunities it’s afforded me and millions of others.

Higher profit margins do not increase societal wealth. What they actually do is they exacerbate income inequality, and that’s not a good thing.

This next chart, made by The Equality Trust, shows 21 countries from Austria to Japan to New Zealand. On the horizontal axis is income inequality. The further to the right you go, the greater the income inequality. On the vertical axis are nine social and health metrics. The more you go up that, the worse the problems are, and those metrics include life expectancy, teenage pregnancy, literacy, social mobility, just to name a few. Now, those of you in the audience who are Americans may wonder, well, where does the United States rank? … Yes, that’s us, with the greatest income inequality and the greatest social problems, according to those metrics.

Now, capitalism has been responsible for every major innovation that’s made this world a more inspiring and wonderful place to live in. Capitalism has to be based on justice. It has to be, and now more than ever, with economic divisions growing wider every day.

I’m not against progress. I want the driverless car and the jet pack just like everyone else. But I’m pleading for recognition that with increased wealth and profits has to come greater corporate social responsibility.

‘If justice is removed,’ said Adam Smith, the father of capitalism, ‘the great, the immense fabric of human society must in a moment crumble into atoms.’

Public health researcher Richard Wilkinson studies the social and health effects of income inequality. In his writing and in this talk, he offers piles of statistical evidence from worldwide studies on a wide variety of social issues including life expectancy, social mobility, math scores, literacy rates, infant mortality, homicide and incarceration rates, teenage pregnancies, levels of trust, obesity, mental illness, drug and alcohol addiction, mental illness, school bullying, violence, high school drop-out rates, and more. In this talk, he returns often to three points that seem to be commonly cited in inequality research and commentary:

  1. There is a strong statistical link between these social issues and economic inequality.
  2. Conventional economic measurements such as GNP per capita, gross national income, and national income per person fail to recognize this link; and
  3. The problem of inequality at its core revolves around relative inequality (the human trait of comparing what I have to what you have).

Nick Hanauer is another plutocrat — a “proud and unapologetic capitalist” — who has founded and funded 30+ companies across a range of industries, including aQuantive, which Microsoft bought for $6.4 billion. He openly loves his yacht and private jet, but fears for the future if economic inequality is left unaddressed:

What do I see in our future today, you ask? I see pitchforks, as in angry mobs with pitchforks, because while people like us plutocrats are living beyond the dreams of avarice, the other 99 percent of our fellow citizens are falling farther and farther behind. In 1980, the top one percent of Americans shared about eight percent of national [income], while the bottom 50 percent of Americans shared 18 percent. Thirty years later, today, the top one percent shares over 20 percent of national [income], while the bottom 50 percent of Americans share 12 or 13. If the trend continues, the top one percent will share over 30 percent of national [income] in another 30 years, while the bottom 50 percent of Americans will share just six.

You see, the problem isn’t that we have some inequality. Some inequality is necessary for a high-functioning capitalist democracy. The problem is that inequality is at historic highs today and it’s getting worse every day. And if wealth, power, and income continue to concentrate at the very tippy top, our society will change from a capitalist democracy to a neo-feudalist rentier society like 18th-century France. That was France before the revolution and the mobs with the pitchforks.

Fellow plutocrats, I think it may be time for us to recommit to our country, to commit to a new kind of capitalism which is both more inclusive and more effective, a capitalism that will ensure that America’s economy remains the most dynamic and prosperous in the world. Let’s secure the future for ourselves, our children and their children. Or alternatively, we could do nothing, hide in our gated communities and private schools, enjoy our planes and yachts — they’re fun — and wait for the pitchforks.

Next time we’ll look at the complex nature of real economics for real people in the real world.

Kevin Rhodes left a successful long-term law practice to scratch a creative itch and lived to tell about it… barely. Since then, he has been on a mission to bring professional excellence and personal wellbeing to the people who learn, teach, and practice the law. He has also blogged extensively and written several books about his unique journey to wellness, including how he deals with primary progressive MS through an aggressive regime of exercise, diet, and mental conditioning.

Colorado Supreme Court: Amendment to Rule 26 Does Not Mandate Exclusion of Non-disclosed Expert Testimony

The Colorado Supreme Court issued its opinion in Catholic Health Initiatives Colorado v. Earl Swensson Associates, Inc. on Monday, October 2, 2017.

Expert Testimony—Discovery Sanctions.

In this case, the Colorado Supreme Court considered whether an amendment to Colorado Rule of Civil Procedure 26(a)(2)(B) providing that expert testimony “shall be limited to matters disclosed in detail in the [expert] report” mandates the exclusion of expert testimony as a sanction when the underlying report fails to meet the requirements of Rule 26. The court concluded this amendment did not create mandatory exclusion of expert testimony and that instead, the harm and proportionality analysis under Rule 37(c) remains the proper framework for determining sanctions for discovery violations. Accordingly, the court made its rule to show cause absolute and remanded the case for further proceedings.

Summary provided courtesy of Colorado Lawyer.

 

Colorado Supreme Court: Engagement Agreement Authorized Award of Post-Settlement Collection Costs

The Colorado Supreme Court issued its opinion in Laleh v. Johnson on Monday, October 2, 2017.

Contracts—Fees and Costs.

The supreme court reviewed the court of appeals’ opinion affirming a trial court’s order requiring a pair of litigants to pay a court-appointed accounting expert’s post-settlement collection costs. The trial court appointed the expert to help resolve the litigants’ complex accounting claims, and the litigants signed an engagement agreement with the expert setting forth the scope of his services and payment. After the expert commenced work, the litigants settled the case and the trial court dismissed the suit. The expert then informed the trial court that the litigants refused to pay both his outstanding fees and his costs incurred post-settlement in attempting to collect the outstanding fees. Relying on a provision in the engagement agreement stating that the litigants were responsible for payment of “all fees and expenses” to the expert, the trial court held that the expert was entitled to the post-settlement costs he incurred while trying to collect his outstanding fees. The court of appeals disagreed with the trial court’s interpretation of the engagement agreement, holding that the agreement was silent as to the expert’s post-settlement collection costs, but it nevertheless affirmed the trial court’s award of the expert’s post-settlement collection costs on the ground that the trial court had inherent authority to require the litigants to pay such costs. The court held that a separate provision of the engagement agreement not previously considered by the trial court or the court of appeals authorized the trial court’s award of the disputed post-settlement collection costs. The court therefore affirmed the award of these costs to the expert, albeit on different grounds.

Summary provided courtesy of Colorado Lawyer.

Tenth Circuit: Unpublished Opinions, 10/4/2017

On Wednesday, October 4, 2017, the Tenth Circuit Court of Appeals issued no published opinion and four unpublished opinions.

Barrington v. United Airlines, Inc.

White v. Berryhill

Hahn v. Reyes

United States v. Wesberry

Case summaries are not provided for unpublished opinions. However, some published opinions are summarized and provided by Legal Connection.