----- Forwarded Message ----- From: Institute for New Economic Thinking <[email protected]> To: [email protected] Sent: Friday, 3 February 2012, 3:02 Subject: Suresh Naidu - Property Rights and Growth: Lessons from Slavery Click to view this email in a browser Hi Robert Searle, Today INET presents you the latest 30 Ways to Be an Economist interview. Suresh Naidu tells us about his research on property rights and growth. Suresh Naidu - Property Rights and Growth: Lessons from Slavery Strong enforcement of property rights is good for economic growth, says the conventional wisdom. The link may not be as clear cut, says Suresh Naidu. He and co-investigator Jeremiah Dittmar are digging through court records and newspaper ads on runaway slaves to come up with a measure of property rights enforcement. The hypothesis is that weak enforcement of property rights in people – slavery that is – discouraged investment in slaves and encouraged investment in manufacturing and infrastructure instead. A new angle on the link between property rights and economic growth – this is new economic thinking.Link to video Kind regards,Enno SchröderManager INET Online Please do not reply to this message. This email was generated automatically and responses are not monitored. History of Economics Playground Marion Fourcade and historians of economics: a quiet revolution? by YANN GIRAUD In recent years, an increasingly significant part of the history of economics has modeled itself after the methodologies developed by Science and Technology Studies (STS) scholars. Accordingly, since I began working in the field as a graduate student, I have seen a lot of sociologists of science being invited at our conferences and our seminars. ... How God, Adam Smith, and the invisible hand changes over time by BENJAMIN MITRA-KAHN So with a suitably provocative title I think we can declare 2012 open. And in starting the year I was struck by how words and sentences can change in meaning over time, particularly prompted by this quote: ... John Kay: The Limits of Consistency and Rigor, and Why Economics Needs Eclecticism John Kay suggests that economics has focused too much on axiomatic and deductive reasoning and has been constrained by the simplifying assumptions that such an agenda imposes. The exclusion of inductive reasoning in the name of consistency and rigor is not how real science advances, he says. Economics would benefit from a healthy dose of eclecticism.Link to video The Money View Bank or No Bank? A Money View of SDRs by DANIEL NEILSON In a market economy, when you need something, you go out and buy it. Liquidity is no different, in that respect at least. If it is market liquidity that you need, you go to a dealer, who stands ready to buy what you are selling. You pay for the convenience, though—the dealer is getting more for the same asset than you are. ... Why did the ECB LTROs help? by PERRY MEHRLING From a money view perspective, the central issue is settlement of TARGET balances between national central banks within the Eurozone, and the key is to understand TARGET balances as a kind of interbank correspondent balance. ... Moritz Schularick: Credit Booms Gone Bust Carmen Reinhart and Kenneth Rogoff tell the history of financial crisis as a tale of excessive public debt. But what more commonly drives financial instability, says Moritz Schularick, is excessive private debt. Financial crises are credit booms gone bust. Schularick and his collaborators compile a long-run data set of disaggregated credit flows, separating loans for productive investment from loans for the purchase of existing assets. A marriage of economic history and modern statistical methods to investigate the role of finance in the macroeconomy -- this is new economic thinking.Link to video Students: Join Us in Berlin INET’s Young Scholar Initiative (YSI) will be hosting a select group of graduate students at its third annual plenary conference in Berlin, April 12-15, 2012, “Paradigm Lost: Rethinking Economics and Politics.” Check out the conference program here, and fill out a brief application here. (INET will cover all travel and accommodation expense.) Find more info here. Economists: A Profession at Sea Without an Anchor Economics needs to find a new way forward if it is to remain relevant to today's society. In an essay for Time Magazine, INET Executive Director Rob Johnson suggests remedies to get economics and society back on course. Click here Follow Us TwitterFacebookYoutubeRSS feeds Contact Us [email protected] If you no longer wish to receive these emails, please reply to this message with "Unsubscribe" in the subject line or simply click on the following link: Unsubscribe Institute for New Economic Thinking 570 Lexington Avenue 39th Floor New York, New York 10022 US Read the VerticalResponse marketing policy.