The principles of economics in 5 minutes

Economics in action

Need a refresher on the principles of economics This short entertaining clip provides a 'translation' of the popular Mankiw principle of economics textbook.

The clip: "Mankiw's 10 principles of economics, translated for the uninitiated", by Yoram Bauman, http://www.standupeconomist.com/ .

Dr. Bauman is the workds first and only stand up economist. The video is a hoot.

Best deposition preparation for expert witnesses

Against logic there is no armor like ignorance. - Laurence J. Peter

What not to say in a deposition about your spouse...

Below is an excerpt from an economic expert's deposition in a wrongful death case. At this point in the depo, the economist is discussing the role of family income on the calculation of personal consumption.

Q. [By attorney] Did the issue of the amount of the deceased wife, was that relevant to any of your -- any of your calculations?

A. [By economist] It would have been. But I didn't get any idea of what her earnings were. If I had had some idea, it would have impacted (the analysis)... Normally, when people are living together, part of the spouse's income would be consumed by the decedent. In this case, though, they weren't living together.

And the extreme example of that would be if my wife died, economically I would be better off. She doesn't work. She wouldn't be consuming any of my income. That's the extreme view of it. But, again, I saw nothing in her (deceased's wife) deposition indicating how much she worked, how much she made, anything like that to where I could take that into account.

Where's the luv?

Not all have luv for the work economists do:

'An economist is a surgeon with an excellent scalpel and a rough-edged lancet, who operates beautifully on the dead and tortures the living. ', Nicholas Chamfort, 18th Century writer

'An economist is a man who states the obvious in terms of the incomprehensible'
Alfred A. Knopf , 20th Century book publisher

Wage and hour seminar for CA attorneys - June 20

Interesting wage and hour CLE: Costa Mesa, CA, June 20, 2007

This is the first major conference following the important ruling in Murphy v. Kenneth Cole. This one-day program explores in detail the critical aspects of Wage & Hour litigation with a focus on California.

Faculty: Rene Barge of the Class Action Litigation Group, Michael Walsh of Walsh and Walsh, Greg Labate of Sheppard Mullin, Andrew Satenberg of Manatt Phelps and Phillips, Marc Primo of the Initiative Law Group and more speakers to be confirmed.

Seminar Details: For additional seminar information http://reconferences.com/upcomingprograms2.html
Location: Westin South Coast Plaza Hotel
Time: 9:00 a.m. to 4:30 p.m.
To Register: Register online at: http://www.reconferences.com
By phone: (818) 783-7156By fax: (818) 784-7701