<html><body><div style="color:#000; background-color:#fff; font-family:times new roman, new york, times, serif;font-size:12pt"><div><SPAN><BR class=yui-cursor></SPAN></div>
<div><BR></div>
<DIV style="FONT-SIZE: 12pt; FONT-FAMILY: times new roman, new york, times, serif">
<DIV style="FONT-SIZE: 12pt; FONT-FAMILY: times new roman, new york, times, serif"><FONT face=Arial size=2>----- Forwarded Message -----<BR><B><SPAN style="FONT-WEIGHT: bold">From:</SPAN></B> Institute for New Economic Thinking <Institute_for_New_Economic_Think@mail.vresp.com><BR><B><SPAN style="FONT-WEIGHT: bold">To:</SPAN></B> dharao4@yahoo.co.uk<BR><B><SPAN style="FONT-WEIGHT: bold">Sent:</SPAN></B> Friday, 7 October 2011, 3:04<BR><B><SPAN style="FONT-WEIGHT: bold">Subject:</SPAN></B> William Lazonick: How Wall Street Hurts the Innovative Enterprise + Woodford and Davidson respond to Kay<BR></FONT><WBR>
<DIV id=yiv371659469>
<DIV>
<TABLE cellSpacing=0 cellPadding=5 align=center border=0>
<TBODY>
<TR>
<TD><A href="http://cts.vresp.com/fbl?e9f55d62db/4a6f2ba2fa/http%3A%2F%2Fhosted-p0.vresp.com%2F691058%2Fe9f55d62db%2FARCHIVE%23like" target=_blank rel=nofollow><IMG src="http://img-ak.verticalresponse.com/social_sharing/social_sharing.placeholder.facebook.png" border=0></A> </TD>
<TD><A href="http://cts.vresp.com/ts?e9f55d62db/4a6f2ba2fa/http%3A%2F%2Fapi.addthis.com%2Foexchange%2F0.8%2Fforward%2Ftwitter%2Foffer%3Ftemplate%3D%257B%257Btitle%257D%257D%2B%257B%257Burl%257D%257D%26url%3Dhttp%253A%252F%252Fhosted-p0.vresp.com%252F691058%252Fe9f55d62db%252FARCHIVE%26shortener%3Dbitly%26title%3DWilliam%2BLazonick%253A%2BHow%2BWall%2BStreet%2BHurts%2Bthe%2BInnovative%2BEnterprise%2B%252B%2BWoodford%2Band%2BDavidson%2Brespond%2Bto%2BKay" target=_blank rel=nofollow><IMG src="http://img-ak.verticalresponse.com/social_sharing/social_sharing.placeholder.twitter.png" border=0></A> </TD>
<TD><A href="http://cts.vresp.com/ls?e9f55d62db/4a6f2ba2fa/http%3A%2F%2Fapi.addthis.com%2Foexchange%2F0.8%2Fforward%2Flinkedin%2Foffer%3Ftemplate%3D%257B%257Btitle%257D%257D%2B%257B%257Burl%257D%257D%26url%3Dhttp%253A%252F%252Fhosted-p0.vresp.com%252F691058%252Fe9f55d62db%252FARCHIVE%26shortener%3Dbitly%26title%3DWilliam%2BLazonick%253A%2BHow%2BWall%2BStreet%2BHurts%2Bthe%2BInnovative%2BEnterprise%2B%252B%2BWoodford%2Band%2BDavidson%2Brespond%2Bto%2BKay" target=_blank rel=nofollow><IMG src="http://img-ak.verticalresponse.com/social_sharing/social_sharing.placeholder.linkedin.png" border=0></A> </TD></TR></TBODY></TABLE>
<div style="FONT-SIZE: 10px; FONT-FAMILY: Verdana, sans-serif" align=center><A href="http://hosted.verticalresponse.com/691058/e9f55d62db/282758247/4a6f2ba2fa/" target=_blank rel=nofollow>Click to view this email in a browser</A> </div>
<DIV style="CLEAR: both; BORDER-RIGHT: black 0px; PADDING-RIGHT: 0px; BORDER-TOP: black 0px; PADDING-LEFT: 0px; FONT-WEIGHT: normal; FONT-SIZE: 12px; PADDING-BOTTOM: 0px; MARGIN: 0px 0px 10px; BORDER-LEFT: black 0px; WIDTH: 100%; COLOR: #000000; LINE-HEIGHT: 1.5; PADDING-TOP: 0px; BORDER-BOTTOM: black 0px; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: transparent">
<TABLE style="BORDER-RIGHT: #e0e0e0 10px solid; BORDER-TOP: #e0e0e0 10px solid; BORDER-LEFT: #e0e0e0 10px solid; BORDER-BOTTOM: #e0e0e0 10px solid" cellSpacing=0 cellPadding=0 width=600 align=center bgColor=#ffffff border=0>
<TBODY>
<TR>
<TD>
<DIV style="CLEAR: both; BORDER-RIGHT: black 0px; PADDING-RIGHT: 0px; BORDER-TOP: black 0px; PADDING-LEFT: 0px; FONT-WEIGHT: normal; FONT-SIZE: 12px; PADDING-BOTTOM: 0px; MARGIN: 0px 0px 10px; BORDER-LEFT: black 0px; WIDTH: 100%; COLOR: #000000; LINE-HEIGHT: 1.5; PADDING-TOP: 0px; BORDER-BOTTOM: black 0px; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: transparent"><A href="http://cts.vresp.com/c/?InstituteforNewEcono/e9f55d62db/4a6f2ba2fa/7ea4b4402a/utm_content=dharao4%40yahoo.co.uk&utm_source=VerticalResponse&utm_medium=Email&utm_term=&utm_campaign=William%20Lazonick%3A%20How%20Wall%20Street%20Hurts%20the%20Innovative%20Enterprise%20%2B%20Woodford%20and%20Davidson%20respond%20to%20Kay" target=_blank rel=nofollow><IMG title=inet-newsletter-banner style="WIDTH: 600px; HEIGHT: 118px" height=118 alt=inet-newsletter-banner hspace=0
src="http://img-ak.verticalresponse.com/media/8/d/9/8d99468beb/e9f55d62db/f8ac72044a/library/inet-newsletter-banner.jpg" width=600 border=0></A></DIV></TD></TR>
<TR>
<TD vAlign=top width=600>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TBODY>
<TR>
<TD vAlign=top>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TBODY>
<TR>
<TD style="PADDING-RIGHT: 20px; PADDING-LEFT: 20px; PADDING-BOTTOM: 20px; PADDING-TOP: 20px">
<DIV style="CLEAR: both; BORDER-RIGHT: black 0px; PADDING-RIGHT: 0px; BORDER-TOP: black 0px; PADDING-LEFT: 0px; FONT-WEIGHT: normal; FONT-SIZE: 12px; PADDING-BOTTOM: 0px; MARGIN: 0px 0px 10px; BORDER-LEFT: black 0px; WIDTH: 100%; COLOR: #000000; LINE-HEIGHT: 1.5; PADDING-TOP: 0px; BORDER-BOTTOM: black 0px; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: transparent">Hi Robert Searle, <WBR><WBR>Today we present you the latest video of our grantee interview series "30 Way to Be an Economist", as well as direct responses from Michael Woodford and Paul Davidson to John Kay's recent INET paper "The Map Is Not the Territory."<WBR><WBR></DIV>
<H3 style="BORDER-RIGHT: black 0px; PADDING-RIGHT: 0px; BORDER-TOP: black 0px; PADDING-LEFT: 0px; FONT-WEIGHT: bold; FONT-SIZE: 14px; PADDING-BOTTOM: 0px; MARGIN: 0px 0px 6px; BORDER-LEFT: black 0px; WIDTH: 100%; COLOR: #000000; LINE-HEIGHT: normal; PADDING-TOP: 0px; BORDER-BOTTOM: black 0px; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: transparent">William Lazonick - How Government Helps, and Wall Street Hurts, the Innovative Enterprise<BR></H3>
<DIV style="CLEAR: both; BORDER-RIGHT: black 0px; PADDING-RIGHT: 0px; BORDER-TOP: black 0px; PADDING-LEFT: 0px; FONT-WEIGHT: normal; FONT-SIZE: 12px; PADDING-BOTTOM: 0px; MARGIN: 0px 0px 10px; BORDER-LEFT: black 0px; WIDTH: 100%; COLOR: #000000; LINE-HEIGHT: 1.5; PADDING-TOP: 0px; BORDER-BOTTOM: black 0px; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: transparent"><A href="http://cts.vresp.com/c/?InstituteforNewEcono/e9f55d62db/4a6f2ba2fa/592ff27f48/utm_content=dharao4%40yahoo.co.uk&utm_source=VerticalResponse&utm_medium=Email&utm_term=&utm_campaign=William%20Lazonick%3A%20How%20Wall%20Street%20Hurts%20the%20Innovative%20Enterprise%20%2B%20Woodford%20and%20Davidson%20respond%20to%20Kay" target=_blank rel=nofollow><IMG title=lazonick-thumbnail style="WIDTH: 200px; HEIGHT: 113px" height=113 alt=lazonick-thumbnail hspace=7
src="http://img-ak.verticalresponse.com/media/8/d/9/8d99468beb/e9f55d62db/f89de8a9ea/library/lazonick-thumbnail.jpg" width=200 align=right vspace=7 border=0></A>Innovation drives economic growth and welfare, and the industrial corporation drives innovation, says William Lazonick. But just how do corporations innovate? The key idea is commitment. People with knowledge of and experience in particular industries commit to a business model that ventures into unknown territory. The main problem is that modern financiers are not prepared to support commitment, and the modern executive pushes for stock buy-backs -- that is how Wall Street undermines innovation. Understanding how organization drives innovation -- this is new economic thinking.<WBR><WBR><A id=yiv371659469
href="http://cts.vresp.com/c/?InstituteforNewEcono/e9f55d62db/4a6f2ba2fa/592963b25a/utm_content=dharao4%40yahoo.co.uk&utm_source=VerticalResponse&utm_medium=Email&utm_term=Link%20to%20video&utm_campaign=William%20Lazonick%3A%20How%20Wall%20Street%20Hurts%20the%20Innovative%20Enterprise%20%2B%20Woodford%20and%20Davidson%20respond%20to%20Kay" target=_blank rel=nofollow>Link to video</A><WBR><WBR></DIV>
<H3 style="BORDER-RIGHT: black 0px; PADDING-RIGHT: 0px; BORDER-TOP: black 0px; PADDING-LEFT: 0px; FONT-WEIGHT: bold; FONT-SIZE: 14px; PADDING-BOTTOM: 0px; MARGIN: 0px 0px 6px; BORDER-LEFT: black 0px; WIDTH: 100%; COLOR: #000000; LINE-HEIGHT: normal; PADDING-TOP: 0px; BORDER-BOTTOM: black 0px; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: transparent">Michael Woodford: What's Wrong With Economic Models? A Response to John Kay<BR></H3>
<DIV style="CLEAR: both; BORDER-RIGHT: black 0px; PADDING-RIGHT: 0px; BORDER-TOP: black 0px; PADDING-LEFT: 0px; FONT-WEIGHT: normal; FONT-SIZE: 12px; PADDING-BOTTOM: 0px; MARGIN: 0px 0px 10px; BORDER-LEFT: black 0px; WIDTH: 100%; COLOR: #000000; LINE-HEIGHT: 1.5; PADDING-TOP: 0px; BORDER-BOTTOM: black 0px; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: transparent"><A href="http://cts.vresp.com/c/?InstituteforNewEcono/e9f55d62db/4a6f2ba2fa/7fee02ef1d/utm_content=dharao4%40yahoo.co.uk&utm_source=VerticalResponse&utm_medium=Email&utm_term=&utm_campaign=William%20Lazonick%3A%20How%20Wall%20Street%20Hurts%20the%20Innovative%20Enterprise%20%2B%20Woodford%20and%20Davidson%20respond%20to%20Kay" target=_blank rel=nofollow><IMG title=woodford-michael style="WIDTH: 100px; HEIGHT: 100px" height=100 alt=woodford-michael hspace=7
src="http://img-ak.verticalresponse.com/media/8/d/9/8d99468beb/e9f55d62db/9a314a0928/library/woodford-michael.JPG" width=100 align=right vspace=7 border=0></A>Woodford, John Bates Clark Professor of Political Economy at Columbia University, takes issue with the rational expectations postulate. A researcher's aspiration to internal consistency and to explanation of people’s choices in terms of individual rationality, he says, does not imply the postulate of rational expectations. The future of macro may well make "the formation and revision of expectations an object of analysis in its own right."<WBR><WBR><A id=yiv371659469
href="http://cts.vresp.com/c/?InstituteforNewEcono/e9f55d62db/4a6f2ba2fa/df62a9448f/utm_content=dharao4%40yahoo.co.uk&utm_source=VerticalResponse&utm_medium=Email&utm_term=Link%20to%20blog%20post&utm_campaign=William%20Lazonick%3A%20How%20Wall%20Street%20Hurts%20the%20Innovative%20Enterprise%20%2B%20Woodford%20and%20Davidson%20respond%20to%20Kay" target=_blank rel=nofollow>Link to blog post</A><WBR><WBR></DIV>
<H3 style="BORDER-RIGHT: black 0px; PADDING-RIGHT: 0px; BORDER-TOP: black 0px; PADDING-LEFT: 0px; FONT-WEIGHT: bold; FONT-SIZE: 14px; PADDING-BOTTOM: 0px; MARGIN: 0px 0px 6px; BORDER-LEFT: black 0px; WIDTH: 100%; COLOR: #000000; LINE-HEIGHT: normal; PADDING-TOP: 0px; BORDER-BOTTOM: black 0px; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: transparent">Paul Davidson: A Response to John Kay</H3>
<DIV style="CLEAR: both; BORDER-RIGHT: black 0px; PADDING-RIGHT: 0px; BORDER-TOP: black 0px; PADDING-LEFT: 0px; FONT-WEIGHT: normal; FONT-SIZE: 12px; PADDING-BOTTOM: 0px; MARGIN: 0px 0px 10px; BORDER-LEFT: black 0px; WIDTH: 100%; COLOR: #000000; LINE-HEIGHT: 1.5; PADDING-TOP: 0px; BORDER-BOTTOM: black 0px; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: transparent"><A href="http://cts.vresp.com/c/?InstituteforNewEcono/e9f55d62db/4a6f2ba2fa/8fb953b151/utm_content=dharao4%40yahoo.co.uk&utm_source=VerticalResponse&utm_medium=Email&utm_term=&utm_campaign=William%20Lazonick%3A%20How%20Wall%20Street%20Hurts%20the%20Innovative%20Enterprise%20%2B%20Woodford%20and%20Davidson%20respond%20to%20Kay" target=_blank rel=nofollow><IMG title=davidson-paul style="WIDTH: 100px; HEIGHT: 100px" height=100 alt=davidson-paul hspace=7 src="http://img-ak.verticalresponse.com/media/8/d/9/8d99468beb/e9f55d62db/43721fc88b/library/davidson-paul.jpg"
width=100 align=right vspace=7 border=0></A>Davidson, Editor of the Journal of Post Keynesian Economics, and Visiting Scholar at the Schwartz Center for Economic Policy Analysis, takes issue with the “classical” axioms, in particular with what he calls the "ergodic axiom": the notion that the future is predetermined by the past and present state of affairs, that past and knowable probability distributions govern future events. He praises rigor, consistency, and the deductive approach, but says the classical axioms are inapplicable to the world we live in: “The financial crisis of 2007-2009 should have been sufficient empirical evidence to indicate that the axiomatic basis of the mainstream theory needs to be replaced.”<WBR><WBR><A id=yiv371659469
href="http://cts.vresp.com/c/?InstituteforNewEcono/e9f55d62db/4a6f2ba2fa/70c5b281f1/utm_content=dharao4%40yahoo.co.uk&utm_source=VerticalResponse&utm_medium=Email&utm_term=Link%20to%20blog%20post&utm_campaign=William%20Lazonick%3A%20How%20Wall%20Street%20Hurts%20the%20Innovative%20Enterprise%20%2B%20Woodford%20and%20Davidson%20respond%20to%20Kay" target=_blank rel=nofollow>Link to blog post</A><WBR><WBR></DIV>
<H3 style="BORDER-RIGHT: black 0px; PADDING-RIGHT: 0px; BORDER-TOP: black 0px; PADDING-LEFT: 0px; FONT-WEIGHT: bold; FONT-SIZE: 14px; PADDING-BOTTOM: 0px; MARGIN: 0px 0px 6px; BORDER-LEFT: black 0px; WIDTH: 100%; COLOR: #000000; LINE-HEIGHT: normal; PADDING-TOP: 0px; BORDER-BOTTOM: black 0px; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: transparent"></H3>
<DIV style="CLEAR: both; BORDER-RIGHT: black 0px; PADDING-RIGHT: 0px; BORDER-TOP: black 0px; PADDING-LEFT: 0px; FONT-WEIGHT: normal; FONT-SIZE: 12px; PADDING-BOTTOM: 0px; MARGIN: 0px 0px 10px; BORDER-LEFT: black 0px; WIDTH: 100%; COLOR: #000000; LINE-HEIGHT: 1.5; PADDING-TOP: 0px; BORDER-BOTTOM: black 0px; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: transparent"><IMG title=mehrling-perry style="WIDTH: 55px; HEIGHT: 55px" height=55 alt=mehrling-perry hspace=7 src="http://img-ak.verticalresponse.com/media/8/d/9/8d99468beb/e9f55d62db/3397c7b5ff/library/mehrling-perry.jpg" width=55 align=right border=0>Sincerely,<WBR>Perry Mehrling<WBR>INET Senior Advisor<WBR></DIV>
<H3 style="BORDER-RIGHT: black 0px; PADDING-RIGHT: 0px; BORDER-TOP: black 0px; PADDING-LEFT: 0px; FONT-WEIGHT: bold; FONT-SIZE: 14px; PADDING-BOTTOM: 0px; MARGIN: 0px 0px 6px; BORDER-LEFT: black 0px; WIDTH: 100%; COLOR: #000000; LINE-HEIGHT: normal; PADDING-TOP: 0px; BORDER-BOTTOM: black 0px; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: transparent"></H3>
<DIV style="CLEAR: both; BORDER-RIGHT: black 0px; PADDING-RIGHT: 0px; BORDER-TOP: black 0px; PADDING-LEFT: 0px; FONT-WEIGHT: normal; FONT-SIZE: 12px; PADDING-BOTTOM: 0px; MARGIN: 0px 0px 10px; BORDER-LEFT: black 0px; WIDTH: 100%; COLOR: #000000; LINE-HEIGHT: 1.5; PADDING-TOP: 0px; BORDER-BOTTOM: black 0px; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: transparent">
<DIV class=hr style="BORDER-RIGHT: #ccc 1px solid; PADDING-RIGHT: 0px; BORDER-TOP: #ccc 1px solid; PADDING-LEFT: 0px; FONT-SIZE: 0px; PADDING-BOTTOM: 0px; MARGIN: 5px 0px; BORDER-LEFT: #ccc 1px solid; LINE-HEIGHT: 0; PADDING-TOP: 0px; BORDER-BOTTOM: #ccc 1px solid; HEIGHT: 0px" readonly="true" contenteditable="false"></DIV></DIV>
<H3 style="BORDER-RIGHT: black 0px; PADDING-RIGHT: 0px; BORDER-TOP: black 0px; PADDING-LEFT: 0px; FONT-WEIGHT: bold; FONT-SIZE: 14px; PADDING-BOTTOM: 0px; MARGIN: 0px 0px 6px; BORDER-LEFT: black 0px; WIDTH: 100%; COLOR: #000000; LINE-HEIGHT: normal; PADDING-TOP: 0px; BORDER-BOTTOM: black 0px; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: transparent"></H3>
<DIV style="CLEAR: both; BORDER-RIGHT: black 0px; PADDING-RIGHT: 0px; BORDER-TOP: black 0px; PADDING-LEFT: 0px; FONT-WEIGHT: normal; FONT-SIZE: 12px; PADDING-BOTTOM: 0px; MARGIN: 0px 0px 10px; BORDER-LEFT: black 0px; WIDTH: 100%; COLOR: #000000; LINE-HEIGHT: 1.5; PADDING-TOP: 0px; BORDER-BOTTOM: black 0px; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: transparent"><FONT size=1>Please do not reply to this message. This email was generated automatically and responses are not monitored.</FONT></DIV></TD></TR></TBODY></TABLE></TD></TR>
<TR>
<TD>
<TABLE cellSpacing=0 cellPadding=10 width="100%" border=0>
<TBODY>
<TR>
<TD vAlign=top width="33%">
<H3 style="BORDER-RIGHT: black 0px; PADDING-RIGHT: 0px; BORDER-TOP: black 0px; PADDING-LEFT: 0px; FONT-WEIGHT: bold; FONT-SIZE: 14px; PADDING-BOTTOM: 0px; MARGIN: 0px 0px 6px; BORDER-LEFT: black 0px; WIDTH: 100%; COLOR: #000000; LINE-HEIGHT: normal; PADDING-TOP: 0px; BORDER-BOTTOM: black 0px; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: transparent">History of Economics Playground</H3>
<DIV style="CLEAR: both; BORDER-RIGHT: black 0px; PADDING-RIGHT: 0px; BORDER-TOP: black 0px; PADDING-LEFT: 0px; FONT-WEIGHT: normal; FONT-SIZE: 12px; PADDING-BOTTOM: 0px; MARGIN: 0px 0px 10px; BORDER-LEFT: black 0px; WIDTH: 100%; COLOR: #000000; LINE-HEIGHT: 1.5; PADDING-TOP: 0px; BORDER-BOTTOM: black 0px; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: transparent"><A href="http://cts.vresp.com/c/?InstituteforNewEcono/e9f55d62db/4a6f2ba2fa/db969e00da/utm_content=dharao4%40yahoo.co.uk&utm_source=VerticalResponse&utm_medium=Email&utm_term=&utm_campaign=William%20Lazonick%3A%20How%20Wall%20Street%20Hurts%20the%20Innovative%20Enterprise%20%2B%20Woodford%20and%20Davidson%20respond%20to%20Kay" target=_blank rel=nofollow><IMG title=playground-thumbnail-300px style="WIDTH: 164px; HEIGHT: 92px" height=92 alt=playground-thumbnail-300px hspace=7
src="http://img-ak.verticalresponse.com/media/8/d/9/8d99468beb/e9f55d62db/11b714b1f4/library/playground-thumbnail-300px%205.JPG" width=164 align=right vspace=7 border=0></A><WBR><A href="http://cts.vresp.com/c/?InstituteforNewEcono/e9f55d62db/4a6f2ba2fa/caa8e03331/utm_content=dharao4%40yahoo.co.uk&utm_source=VerticalResponse&utm_medium=Email&utm_term=Progress%20in%20Economics%3A%20A%20Comment&utm_campaign=William%20Lazonick%3A%20How%20Wall%20Street%20Hurts%20the%20Innovative%20Enterprise%20%2B%20Woodford%20and%20Davidson%20respond%20to%20Kay" target=_blank rel=nofollow>Progress in Economics: A Comment</A><WBR><FONT size=1>by YANN GIRAUD</FONT><WBR>For an historical point of view, first, I think it is important to understand that what we call "progress" is something that has changed dramatically over time...<WBR><WBR><A
href="http://cts.vresp.com/c/?InstituteforNewEcono/e9f55d62db/4a6f2ba2fa/89bbddbb4b/utm_content=dharao4%40yahoo.co.uk&utm_source=VerticalResponse&utm_medium=Email&utm_term=Bretton%20Woods%2C%20Past%20and%20Present%3A%203%2E%20Models%20in%20Economics&utm_campaign=William%20Lazonick%3A%20How%20Wall%20Street%20Hurts%20the%20Innovative%20Enterprise%20%2B%20Woodford%20and%20Davidson%20respond%20to%20Kay" target=_blank rel=nofollow>Bretton Woods, Past and Present: 3. Models in Economics</A><WBR><FONT size=1>by PEDRO DUARTE with video produced by THE KIDS</FONT><WBR>I cannot resist but to start quoting Mary Morgan's second entry to the second edition of the New Palgrave: “Modeling became the dominant methodology of economics during the 20th century.” ...<WBR></DIV>
<H3 style="BORDER-RIGHT: black 0px; PADDING-RIGHT: 0px; BORDER-TOP: black 0px; PADDING-LEFT: 0px; FONT-WEIGHT: bold; FONT-SIZE: 14px; PADDING-BOTTOM: 0px; MARGIN: 0px 0px 6px; BORDER-LEFT: black 0px; WIDTH: 100%; COLOR: #000000; LINE-HEIGHT: normal; PADDING-TOP: 0px; BORDER-BOTTOM: black 0px; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: transparent"></H3>
<DIV style="CLEAR: both; BORDER-RIGHT: black 0px; PADDING-RIGHT: 0px; BORDER-TOP: black 0px; PADDING-LEFT: 0px; FONT-WEIGHT: normal; FONT-SIZE: 12px; PADDING-BOTTOM: 0px; MARGIN: 0px 0px 10px; BORDER-LEFT: black 0px; WIDTH: 100%; COLOR: #000000; LINE-HEIGHT: 1.5; PADDING-TOP: 0px; BORDER-BOTTOM: black 0px; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: transparent">
<DIV class=hr style="BORDER-RIGHT: #ccc 1px solid; PADDING-RIGHT: 0px; BORDER-TOP: #ccc 1px solid; PADDING-LEFT: 0px; FONT-SIZE: 0px; PADDING-BOTTOM: 0px; MARGIN: 5px 0px; BORDER-LEFT: #ccc 1px solid; LINE-HEIGHT: 0; PADDING-TOP: 0px; BORDER-BOTTOM: #ccc 1px solid; HEIGHT: 0px" readonly="true" contenteditable="false"></DIV></DIV>
<H3 style="BORDER-RIGHT: black 0px; PADDING-RIGHT: 0px; BORDER-TOP: black 0px; PADDING-LEFT: 0px; FONT-WEIGHT: bold; FONT-SIZE: 14px; PADDING-BOTTOM: 0px; MARGIN: 0px 0px 6px; BORDER-LEFT: black 0px; WIDTH: 100%; COLOR: #000000; LINE-HEIGHT: normal; PADDING-TOP: 0px; BORDER-BOTTOM: black 0px; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: transparent">Follow the INET Blog<BR></H3>
<DIV style="CLEAR: both; BORDER-RIGHT: black 0px; PADDING-RIGHT: 0px; BORDER-TOP: black 0px; PADDING-LEFT: 0px; FONT-WEIGHT: normal; FONT-SIZE: 12px; PADDING-BOTTOM: 0px; MARGIN: 0px 0px 10px; BORDER-LEFT: black 0px; WIDTH: 100%; COLOR: #000000; LINE-HEIGHT: 1.5; PADDING-TOP: 0px; BORDER-BOTTOM: black 0px; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: transparent"><A href="http://cts.vresp.com/c/?InstituteforNewEcono/e9f55d62db/4a6f2ba2fa/2d46b80cdf/utm_content=dharao4%40yahoo.co.uk&utm_source=VerticalResponse&utm_medium=Email&utm_term=&utm_campaign=William%20Lazonick%3A%20How%20Wall%20Street%20Hurts%20the%20Innovative%20Enterprise%20%2B%20Woodford%20and%20Davidson%20respond%20to%20Kay" target=_blank rel=nofollow><IMG title=inet-light-bulb style="WIDTH: 80px; HEIGHT: 85px" height=85 alt=inet-light-bulb hspace=7 src="http://img-ak.verticalresponse.com/media/8/d/9/8d99468beb/e9f55d62db/4ce0286da2/library/inet-light-bulb.jpg"
width=80 vspace=7 border=0></A><WBR><A href="http://cts.vresp.com/c/?InstituteforNewEcono/e9f55d62db/4a6f2ba2fa/fe0cc0f074/utm_content=dharao4%40yahoo.co.uk&utm_source=VerticalResponse&utm_medium=Email&utm_term=Economics%20and%20Reality&utm_campaign=William%20Lazonick%3A%20How%20Wall%20Street%20Hurts%20the%20Innovative%20Enterprise%20%2B%20Woodford%20and%20Davidson%20respond%20to%20Kay" target=_blank rel=nofollow>Economics and Reality</A><WBR><FONT size=1>by HARALD UHLIG</FONT><WBR>The Chairman of the Economics Department of the University of Chicago poses the question of how reality in the form of empirical evidence does or does not influence economic thinking and theory, and suggests some answers.<WBR><WBR><A
href="http://cts.vresp.com/c/?InstituteforNewEcono/e9f55d62db/4a6f2ba2fa/092164f593/utm_content=dharao4%40yahoo.co.uk&utm_source=VerticalResponse&utm_medium=Email&utm_term=The%20Map%20Is%20Not%20the%20Territory%3A%20An%20Essay%20on%20the%20State%20of%20Economics&utm_campaign=William%20Lazonick%3A%20How%20Wall%20Street%20Hurts%20the%20Innovative%20Enterprise%20%2B%20Woodford%20and%20Davidson%20respond%20to%20Kay" target=_blank rel=nofollow>The Map Is Not the Territory: An Essay on the State of Economics</A><WBR><FONT size=1>by JOHN KAY</FONT><WBR>John Kay spells out methodological critiques of economic theory in general, and of DSGE models and rational expectations in particular. The paper is concerned with the relation of quantitative models to the world in which we live, and with evergreens such as the implications of unrealistic assumptions in economic theory.<WBR></DIV></TD>
<TD style="BORDER-RIGHT: #cccccc 1px solid; BORDER-LEFT: #cccccc 1px solid" vAlign=top width="33%">
<H3 style="BORDER-RIGHT: black 0px; PADDING-RIGHT: 0px; BORDER-TOP: black 0px; PADDING-LEFT: 0px; FONT-WEIGHT: bold; FONT-SIZE: 14px; PADDING-BOTTOM: 0px; MARGIN: 0px 0px 6px; BORDER-LEFT: black 0px; WIDTH: 100%; COLOR: #000000; LINE-HEIGHT: normal; PADDING-TOP: 0px; BORDER-BOTTOM: black 0px; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: transparent">The Money View</H3>
<DIV style="CLEAR: both; BORDER-RIGHT: black 0px; PADDING-RIGHT: 0px; BORDER-TOP: black 0px; PADDING-LEFT: 0px; FONT-WEIGHT: normal; FONT-SIZE: 12px; PADDING-BOTTOM: 0px; MARGIN: 0px 0px 10px; BORDER-LEFT: black 0px; WIDTH: 100%; COLOR: #000000; LINE-HEIGHT: 1.5; PADDING-TOP: 0px; BORDER-BOTTOM: black 0px; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: transparent"><A href="http://cts.vresp.com/c/?InstituteforNewEcono/e9f55d62db/4a6f2ba2fa/d6fd1705c5/utm_content=dharao4%40yahoo.co.uk&utm_source=VerticalResponse&utm_medium=Email&utm_term=&utm_campaign=William%20Lazonick%3A%20How%20Wall%20Street%20Hurts%20the%20Innovative%20Enterprise%20%2B%20Woodford%20and%20Davidson%20respond%20to%20Kay" target=_blank rel=nofollow><IMG title=money-view-thumbnail-300px style="WIDTH: 161px; HEIGHT: 91px" height=91 alt=money-view-thumbnail-300px hspace=7
src="http://img-ak.verticalresponse.com/media/8/d/9/8d99468beb/e9f55d62db/833eef68c1/library/money-view-thumbnail-300px%202.jpg" width=161 align=right vspace=7 border=0></A><WBR><A href="http://cts.vresp.com/c/?InstituteforNewEcono/e9f55d62db/4a6f2ba2fa/ca9aab2ef5/utm_content=dharao4%40yahoo.co.uk&utm_source=VerticalResponse&utm_medium=Email&utm_term=Lords%20of%20Finance%20Redux%3A%20Forget%20the%20G7%2C%20Watch%20the%20C5&utm_campaign=William%20Lazonick%3A%20How%20Wall%20Street%20Hurts%20the%20Innovative%20Enterprise%20%2B%20Woodford%20and%20Davidson%20respond%20to%20Kay" target=_blank rel=nofollow>Lords of Finance Redux: Forget the G7, Watch the C5</A><WBR><FONT size=1>by PERRY MEHRLING</FONT><WBR>Martin Wolf endorses Adam Posen's call for quantitative easing at the Bank of England, and then goes one better, calling for direct monetary finance of government spending, i.e. helicopter money. Problem is, the world doesn't want pounds, it
wants dollars...<WBR><WBR><A id=yiv371659469 href="http://cts.vresp.com/c/?InstituteforNewEcono/e9f55d62db/4a6f2ba2fa/057de47c10/utm_content=dharao4%40yahoo.co.uk&utm_source=VerticalResponse&utm_medium=Email&utm_term=Europe%20Ground%20Zero%3A%20Financial%20Globalization%20versus%20the%20Nation%20State&utm_campaign=William%20Lazonick%3A%20How%20Wall%20Street%20Hurts%20the%20Innovative%20Enterprise%20%2B%20Woodford%20and%20Davidson%20respond%20to%20Kay" target=_blank rel=nofollow>Europe Ground Zero: Financial Globalization versus the Nation State</A><WBR><FONT size=1>by PERRY MEHRLING</FONT><WBR>At its core, this rolling crisis is really about financial globalization. Both words are important. When I say globalization I do not mean primarily trade in goods and services, but rather the integration of previously national money markets and capital markets...<WBR></DIV>
<H3 style="BORDER-RIGHT: black 0px; PADDING-RIGHT: 0px; BORDER-TOP: black 0px; PADDING-LEFT: 0px; FONT-WEIGHT: bold; FONT-SIZE: 14px; PADDING-BOTTOM: 0px; MARGIN: 0px 0px 6px; BORDER-LEFT: black 0px; WIDTH: 100%; COLOR: #000000; LINE-HEIGHT: normal; PADDING-TOP: 0px; BORDER-BOTTOM: black 0px; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: transparent"></H3>
<DIV style="CLEAR: both; BORDER-RIGHT: black 0px; PADDING-RIGHT: 0px; BORDER-TOP: black 0px; PADDING-LEFT: 0px; FONT-WEIGHT: normal; FONT-SIZE: 12px; PADDING-BOTTOM: 0px; MARGIN: 0px 0px 10px; BORDER-LEFT: black 0px; WIDTH: 100%; COLOR: #000000; LINE-HEIGHT: 1.5; PADDING-TOP: 0px; BORDER-BOTTOM: black 0px; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: transparent">
<DIV class=hr style="BORDER-RIGHT: #ccc 1px solid; PADDING-RIGHT: 0px; BORDER-TOP: #ccc 1px solid; PADDING-LEFT: 0px; FONT-SIZE: 0px; PADDING-BOTTOM: 0px; MARGIN: 5px 0px; BORDER-LEFT: #ccc 1px solid; LINE-HEIGHT: 0; PADDING-TOP: 0px; BORDER-BOTTOM: #ccc 1px solid; HEIGHT: 0px" readonly="true" contenteditable="false"></DIV></DIV>
<H3 style="BORDER-RIGHT: black 0px; PADDING-RIGHT: 0px; BORDER-TOP: black 0px; PADDING-LEFT: 0px; FONT-WEIGHT: bold; FONT-SIZE: 14px; PADDING-BOTTOM: 0px; MARGIN: 0px 0px 6px; BORDER-LEFT: black 0px; WIDTH: 100%; COLOR: #000000; LINE-HEIGHT: normal; PADDING-TOP: 0px; BORDER-BOTTOM: black 0px; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: transparent">New design<BR></H3>
<DIV style="CLEAR: both; BORDER-RIGHT: black 0px; PADDING-RIGHT: 0px; BORDER-TOP: black 0px; PADDING-LEFT: 0px; FONT-WEIGHT: normal; FONT-SIZE: 12px; PADDING-BOTTOM: 0px; MARGIN: 0px 0px 10px; BORDER-LEFT: black 0px; WIDTH: 100%; COLOR: #000000; LINE-HEIGHT: 1.5; PADDING-TOP: 0px; BORDER-BOTTOM: black 0px; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: transparent">Welcome to our newly redesigned newsletter featuring more content than we've ever offered before. We think you're going to like it.</DIV></TD>
<TD vAlign=top width="33%">
<H3 style="BORDER-RIGHT: black 0px; PADDING-RIGHT: 0px; BORDER-TOP: black 0px; PADDING-LEFT: 0px; FONT-WEIGHT: bold; FONT-SIZE: 14px; PADDING-BOTTOM: 0px; MARGIN: 0px 0px 6px; BORDER-LEFT: black 0px; WIDTH: 100%; COLOR: #000000; LINE-HEIGHT: normal; PADDING-TOP: 0px; BORDER-BOTTOM: black 0px; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: transparent">INET recommends<BR></H3>
<DIV style="CLEAR: both; BORDER-RIGHT: black 0px; PADDING-RIGHT: 0px; BORDER-TOP: black 0px; PADDING-LEFT: 0px; FONT-WEIGHT: normal; FONT-SIZE: 12px; PADDING-BOTTOM: 0px; MARGIN: 0px 0px 10px; BORDER-LEFT: black 0px; WIDTH: 100%; COLOR: #000000; LINE-HEIGHT: 1.5; PADDING-TOP: 0px; BORDER-BOTTOM: black 0px; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: transparent"><A href="http://cts.vresp.com/c/?InstituteforNewEcono/e9f55d62db/4a6f2ba2fa/2776983fc8" target=_blank rel=nofollow>Olivier Blanchard on fiscal policy: A complicated game</A><WBR><WBR><A href="http://cts.vresp.com/c/?InstituteforNewEcono/e9f55d62db/4a6f2ba2fa/e6544e10cd" target=_blank rel=nofollow>Keynes versus Tinbergen and the role of Keynes in the history of econometrics</A><WBR><FONT size=1>Blog by DAVE GILES</FONT><WBR><A href="http://cts.vresp.com/c/?InstituteforNewEcono/e9f55d62db/4a6f2ba2fa/caa088c2fd" target=_blank rel=nofollow><FONT size=1></FONT></A></DIV>
<H3 style="BORDER-RIGHT: black 0px; PADDING-RIGHT: 0px; BORDER-TOP: black 0px; PADDING-LEFT: 0px; FONT-WEIGHT: bold; FONT-SIZE: 14px; PADDING-BOTTOM: 0px; MARGIN: 0px 0px 6px; BORDER-LEFT: black 0px; WIDTH: 100%; COLOR: #000000; LINE-HEIGHT: normal; PADDING-TOP: 0px; BORDER-BOTTOM: black 0px; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: transparent"></H3>
<DIV style="CLEAR: both; BORDER-RIGHT: black 0px; PADDING-RIGHT: 0px; BORDER-TOP: black 0px; PADDING-LEFT: 0px; FONT-WEIGHT: normal; FONT-SIZE: 12px; PADDING-BOTTOM: 0px; MARGIN: 0px 0px 10px; BORDER-LEFT: black 0px; WIDTH: 100%; COLOR: #000000; LINE-HEIGHT: 1.5; PADDING-TOP: 0px; BORDER-BOTTOM: black 0px; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: transparent">
<DIV class=hr style="BORDER-RIGHT: #ccc 1px solid; PADDING-RIGHT: 0px; BORDER-TOP: #ccc 1px solid; PADDING-LEFT: 0px; FONT-SIZE: 0px; PADDING-BOTTOM: 0px; MARGIN: 5px 0px; BORDER-LEFT: #ccc 1px solid; LINE-HEIGHT: 0; PADDING-TOP: 0px; BORDER-BOTTOM: #ccc 1px solid; HEIGHT: 0px" readonly="true" contenteditable="false"></DIV></DIV>
<H3 style="BORDER-RIGHT: black 0px; PADDING-RIGHT: 0px; BORDER-TOP: black 0px; PADDING-LEFT: 0px; FONT-WEIGHT: bold; FONT-SIZE: 14px; PADDING-BOTTOM: 0px; MARGIN: 0px 0px 6px; BORDER-LEFT: black 0px; WIDTH: 100%; COLOR: #000000; LINE-HEIGHT: normal; PADDING-TOP: 0px; BORDER-BOTTOM: black 0px; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: transparent">From the archive</H3>
<DIV style="CLEAR: both; BORDER-RIGHT: black 0px; PADDING-RIGHT: 0px; BORDER-TOP: black 0px; PADDING-LEFT: 0px; FONT-WEIGHT: normal; FONT-SIZE: 12px; PADDING-BOTTOM: 0px; MARGIN: 0px 0px 10px; BORDER-LEFT: black 0px; WIDTH: 100%; COLOR: #000000; LINE-HEIGHT: 1.5; PADDING-TOP: 0px; BORDER-BOTTOM: black 0px; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: transparent"><A href="http://cts.vresp.com/c/?InstituteforNewEcono/e9f55d62db/4a6f2ba2fa/0b8849910e/utm_content=dharao4%40yahoo.co.uk&utm_source=VerticalResponse&utm_medium=Email&utm_term=&utm_campaign=William%20Lazonick%3A%20How%20Wall%20Street%20Hurts%20the%20Innovative%20Enterprise%20%2B%20Woodford%20and%20Davidson%20respond%20to%20Kay" target=_blank rel=nofollow><IMG title=carlin-bretton-woods-thumbnail style="WIDTH: 163px; HEIGHT: 92px" height=92 alt=carlin-bretton-woods-thumbnail hspace=7
src="http://img-ak.verticalresponse.com/media/8/d/9/8d99468beb/e9f55d62db/3fd0fb2dc1/library/carlin-bretton-woods-thumbnail.jpg" width=163 align=right vspace=7 border=0></A><WBR><WBR><WBR><WBR><WBR><WBR><A id=yiv371659469 href="http://cts.vresp.com/c/?InstituteforNewEcono/e9f55d62db/4a6f2ba2fa/0aa1471859/utm_content=dharao4%40yahoo.co.uk&utm_source=VerticalResponse&utm_medium=Email&utm_term=Wendy%20Carlin%3A%20The%20Challenge%20of%20Europe&utm_campaign=William%20Lazonick%3A%20How%20Wall%20Street%20Hurts%20the%20Innovative%20Enterprise%20%2B%20Woodford%20and%20Davidson%20respond%20to%20Kay" target=_blank rel=nofollow>Wendy Carlin: The Challenge of Europe</A><WBR><FONT size=1>BRETTON WOODS TALK</FONT><WBR>The institutional wage bargaining that characterizes the German labor market was not available in the periphery, and that's one reason why inflation was low in Germany and high in the periphery, says Wendy Carlin.<SPAN
style="TEXT-DECORATION: underline"></SPAN><A rel=nofollow><BR></A></DIV>
<H3 style="BORDER-RIGHT: black 0px; PADDING-RIGHT: 0px; BORDER-TOP: black 0px; PADDING-LEFT: 0px; FONT-WEIGHT: bold; FONT-SIZE: 14px; PADDING-BOTTOM: 0px; MARGIN: 0px 0px 6px; BORDER-LEFT: black 0px; WIDTH: 100%; COLOR: #000000; LINE-HEIGHT: normal; PADDING-TOP: 0px; BORDER-BOTTOM: black 0px; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: transparent"></H3>
<DIV style="CLEAR: both; BORDER-RIGHT: black 0px; PADDING-RIGHT: 0px; BORDER-TOP: black 0px; PADDING-LEFT: 0px; FONT-WEIGHT: normal; FONT-SIZE: 12px; PADDING-BOTTOM: 0px; MARGIN: 0px 0px 10px; BORDER-LEFT: black 0px; WIDTH: 100%; COLOR: #000000; LINE-HEIGHT: 1.5; PADDING-TOP: 0px; BORDER-BOTTOM: black 0px; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: transparent">
<DIV class=hr style="BORDER-RIGHT: #ccc 1px solid; PADDING-RIGHT: 0px; BORDER-TOP: #ccc 1px solid; PADDING-LEFT: 0px; FONT-SIZE: 0px; PADDING-BOTTOM: 0px; MARGIN: 5px 0px; BORDER-LEFT: #ccc 1px solid; LINE-HEIGHT: 0; PADDING-TOP: 0px; BORDER-BOTTOM: #ccc 1px solid; HEIGHT: 0px" readonly="true" contenteditable="false"></DIV></DIV>
<H3 style="BORDER-RIGHT: black 0px; PADDING-RIGHT: 0px; BORDER-TOP: black 0px; PADDING-LEFT: 0px; FONT-WEIGHT: bold; FONT-SIZE: 14px; PADDING-BOTTOM: 0px; MARGIN: 0px 0px 6px; BORDER-LEFT: black 0px; WIDTH: 100%; COLOR: #000000; LINE-HEIGHT: normal; PADDING-TOP: 0px; BORDER-BOTTOM: black 0px; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: transparent">Follow us<BR></H3>
<DIV style="CLEAR: both; BORDER-RIGHT: black 0px; PADDING-RIGHT: 0px; BORDER-TOP: black 0px; PADDING-LEFT: 0px; FONT-WEIGHT: normal; FONT-SIZE: 12px; PADDING-BOTTOM: 0px; MARGIN: 0px 0px 10px; BORDER-LEFT: black 0px; WIDTH: 100%; COLOR: #000000; LINE-HEIGHT: 1.5; PADDING-TOP: 0px; BORDER-BOTTOM: black 0px; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: transparent"><A href="http://cts.vresp.com/c/?InstituteforNewEcono/e9f55d62db/4a6f2ba2fa/90990dfabe" target=_blank rel=nofollow><IMG title=twitter_newbird_blue style="WIDTH: 30px; HEIGHT: 30px" height=30 alt=twitter_newbird_blue hspace=4 src="http://img-ak.verticalresponse.com/media/8/d/9/8d99468beb/e9f55d62db/65224970a0/library/twitter_newbird_blue.jpg" width=30 align=left border=0>Twitter</A><WBR><WBR><A href="http://cts.vresp.com/c/?InstituteforNewEcono/e9f55d62db/4a6f2ba2fa/af56a4965d" target=_blank rel=nofollow><IMG title=facebook style="WIDTH: 30px; HEIGHT: 30px" height=30 alt=facebook
hspace=4 src="http://img-ak.verticalresponse.com/media/8/d/9/8d99468beb/e9f55d62db/65224970a0/library/facebook.jpg" width=30 align=left border=0>Facebook</A><WBR><WBR><A href="http://cts.vresp.com/c/?InstituteforNewEcono/e9f55d62db/4a6f2ba2fa/6bbb44b93e" target=_blank rel=nofollow><IMG title=youtube style="WIDTH: 30px; HEIGHT: 30px" height=30 alt=youtube hspace=4 src="http://img-ak.verticalresponse.com/media/8/d/9/8d99468beb/e9f55d62db/65224970a0/library/youtube.jpg" width=30 align=left border=0>Youtube</A><WBR><WBR><A href="http://cts.vresp.com/c/?InstituteforNewEcono/e9f55d62db/4a6f2ba2fa/f31f53e81f/utm_content=dharao4%40yahoo.co.uk&utm_source=VerticalResponse&utm_medium=Email&utm_term=RSS%20feeds&utm_campaign=William%20Lazonick%3A%20How%20Wall%20Street%20Hurts%20the%20Innovative%20Enterprise%20%2B%20Woodford%20and%20Davidson%20respond%20to%20Kay" target=_blank rel=nofollow><IMG title=RSS-feed-icon-200px style="WIDTH: 30px; HEIGHT:
30px" height=30 alt=RSS-feed-icon-200px hspace=4 src="http://img-ak.verticalresponse.com/media/8/d/9/8d99468beb/e9f55d62db/65224970a0/library/RSS-feed-icon-200px.jpg" width=30 align=left border=0>RSS feeds</A><WBR><WBR></DIV>
<H3 style="BORDER-RIGHT: black 0px; PADDING-RIGHT: 0px; BORDER-TOP: black 0px; PADDING-LEFT: 0px; FONT-WEIGHT: bold; FONT-SIZE: 14px; PADDING-BOTTOM: 0px; MARGIN: 0px 0px 6px; BORDER-LEFT: black 0px; WIDTH: 100%; COLOR: #000000; LINE-HEIGHT: normal; PADDING-TOP: 0px; BORDER-BOTTOM: black 0px; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: transparent"></H3>
<DIV style="CLEAR: both; BORDER-RIGHT: black 0px; PADDING-RIGHT: 0px; BORDER-TOP: black 0px; PADDING-LEFT: 0px; FONT-WEIGHT: normal; FONT-SIZE: 12px; PADDING-BOTTOM: 0px; MARGIN: 0px 0px 10px; BORDER-LEFT: black 0px; WIDTH: 100%; COLOR: #000000; LINE-HEIGHT: 1.5; PADDING-TOP: 0px; BORDER-BOTTOM: black 0px; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: transparent">
<DIV class=hr style="BORDER-RIGHT: #ccc 1px solid; PADDING-RIGHT: 0px; BORDER-TOP: #ccc 1px solid; PADDING-LEFT: 0px; FONT-SIZE: 0px; PADDING-BOTTOM: 0px; MARGIN: 5px 0px; BORDER-LEFT: #ccc 1px solid; LINE-HEIGHT: 0; PADDING-TOP: 0px; BORDER-BOTTOM: #ccc 1px solid; HEIGHT: 0px" readonly="true" contenteditable="false"></DIV></DIV>
<H3 style="BORDER-RIGHT: black 0px; PADDING-RIGHT: 0px; BORDER-TOP: black 0px; PADDING-LEFT: 0px; FONT-WEIGHT: bold; FONT-SIZE: 14px; PADDING-BOTTOM: 0px; MARGIN: 0px 0px 6px; BORDER-LEFT: black 0px; WIDTH: 100%; COLOR: #000000; LINE-HEIGHT: normal; PADDING-TOP: 0px; BORDER-BOTTOM: black 0px; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: transparent">Contact us</H3>
<DIV style="CLEAR: both; BORDER-RIGHT: black 0px; PADDING-RIGHT: 0px; BORDER-TOP: black 0px; PADDING-LEFT: 0px; FONT-WEIGHT: normal; FONT-SIZE: 12px; PADDING-BOTTOM: 0px; MARGIN: 0px 0px 10px; BORDER-LEFT: black 0px; WIDTH: 100%; COLOR: #000000; LINE-HEIGHT: 1.5; PADDING-TOP: 0px; BORDER-BOTTOM: black 0px; FONT-FAMILY: Arial, Helvetica, sans-serif; BACKGROUND-COLOR: transparent">info@ineteconomics.org<WBR><A rel=nofollow></A></DIV></TD></TR></TBODY></TABLE></TD></TR></TBODY></TABLE></TD></TR></TBODY></TABLE></DIV><WBR><WBR>
<DIV class=hr style="BORDER-RIGHT: #ccc 1px solid; PADDING-RIGHT: 0px; BORDER-TOP: #ccc 1px solid; PADDING-LEFT: 0px; FONT-SIZE: 0px; PADDING-BOTTOM: 0px; MARGIN: 5px 0px; BORDER-LEFT: #ccc 1px solid; LINE-HEIGHT: 0; PADDING-TOP: 0px; BORDER-BOTTOM: #ccc 1px solid; HEIGHT: 0px" readonly="true" contenteditable="false"></DIV>
<TABLE cellSpacing=0 cellPadding=5 width="100%" border=0>
<TBODY>
<TR>
<TD><FONT face=arial,verdana size=1>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: <A href="http://cts.vresp.com/u?e9f55d62db/4a6f2ba2fa/mlpftw" target=_blank rel=nofollow>Unsubscribe</A> </FONT></TD></TR></TBODY></TABLE>
<DIV class=hr style="BORDER-RIGHT: #ccc 1px solid; PADDING-RIGHT: 0px; BORDER-TOP: #ccc 1px solid; PADDING-LEFT: 0px; FONT-SIZE: 0px; PADDING-BOTTOM: 0px; MARGIN: 5px 0px; BORDER-LEFT: #ccc 1px solid; LINE-HEIGHT: 0; PADDING-TOP: 0px; BORDER-BOTTOM: #ccc 1px solid; HEIGHT: 0px" readonly="true" contenteditable="false"></DIV>
<TABLE cellSpacing=0 cellPadding=5 width="100%" border=0>
<TBODY>
<TR>
<TD><FONT face=arial,verdana size=1>Institute for New Economic Thinking<BR>570 Lexington Avenue<BR>39th Floor<BR>New York, New York 10022<BR>US<BR>
<div><A href="http://www.verticalresponse.com/content/pm_policy.html" target=_blank rel=nofollow>Read</A> the VerticalResponse marketing policy. </div></FONT></TD>
<TD align=right><A href="http://www.verticalresponse.com/landing/ef/?mm/e9f55d62db" target=_blank rel=nofollow><IMG alt="Try Email Marketing with VerticalResponse!" src="http://img-ak.verticalresponse.com/pwrby_vr_logo_120.gif" border=0> </A></TD></TR></TBODY></TABLE><IMG alt="" src="http://cts.vresp.com/o.gif?e9f55d62db/4a6f2ba2fa/mlpftw"> </DIV></DIV><WBR><WBR></DIV></DIV></div></body></html>