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<DIV dir=ltr><FONT size=2 face=Arial>----- 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> Thursday, 2 February 2012, 3:03<BR><B><SPAN style="FONT-WEIGHT: bold">Subject:</SPAN></B> John Kay: Why Economics Needs Eclecticism<BR></FONT></DIV><WBR>
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<DIV style="BORDER-BOTTOM: black 0px; BORDER-LEFT: black 0px; PADDING-BOTTOM: 0px; LINE-HEIGHT: 1.5; BACKGROUND-COLOR: transparent; MARGIN: 0px 0px 10px; PADDING-LEFT: 0px; WIDTH: 100%; PADDING-RIGHT: 0px; FONT-FAMILY: Arial, Helvetica, sans-serif; COLOR: #000000; CLEAR: both; FONT-SIZE: 12px; BORDER-TOP: black 0px; FONT-WEIGHT: normal; BORDER-RIGHT: black 0px; PADDING-TOP: 0px"><A href="http://cts.vresp.com/c/?InstituteforNewEcono/dc52d6219f/4a6f2ba2fa/bcb08a80d5/utm_content=dharao4%40yahoo.co.uk&utm_source=VerticalResponse&utm_medium=Email&utm_term=&utm_campaign=John%20Kay%3A%20Why%20Economics%20Needs%20Eclecticism" rel=nofollow target=_blank><IMG style="WIDTH: 600px; HEIGHT: 118px" title=inet-newsletter-banner border=0 hspace=0 alt=inet-newsletter-banner src="http://img-ak.verticalresponse.com/media/8/d/9/8d99468beb/dc52d6219f/9c01d22de5/library/inet-newsletter-banner.jpg" width=600 height=118></A></DIV></TD></TR>
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<DIV style="BORDER-BOTTOM: black 0px; BORDER-LEFT: black 0px; PADDING-BOTTOM: 0px; LINE-HEIGHT: 1.5; BACKGROUND-COLOR: transparent; MARGIN: 0px 0px 10px; PADDING-LEFT: 0px; WIDTH: 100%; PADDING-RIGHT: 0px; FONT-FAMILY: Arial, Helvetica, sans-serif; COLOR: #000000; CLEAR: both; FONT-SIZE: 12px; BORDER-TOP: black 0px; FONT-WEIGHT: normal; BORDER-RIGHT: black 0px; PADDING-TOP: 0px">Hi Robert Searle, <WBR><WBR>
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<DIV>Today INET presents you an interview with John Kay, who calls for a healthy dose of eclecticism in economics.</DIV></DIV>
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<H3 style="BORDER-BOTTOM: black 0px; BORDER-LEFT: black 0px; PADDING-BOTTOM: 0px; LINE-HEIGHT: normal; BACKGROUND-COLOR: transparent; MARGIN: 0px 0px 6px; PADDING-LEFT: 0px; WIDTH: 100%; PADDING-RIGHT: 0px; FONT-FAMILY: Arial, Helvetica, sans-serif; COLOR: #000000; FONT-SIZE: 14px; BORDER-TOP: black 0px; FONT-WEIGHT: bold; BORDER-RIGHT: black 0px; PADDING-TOP: 0px">John Kay: The Limits of Consistency and Rigor, and Why Economics Needs Eclecticism</H3>
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<DIV>Previously, INET presented a paper by John Kay that examined the relationship between modern economics and the world we live in. Kay, Fellow at St. John’s College of Oxford University and Visiting Professor at the London School of Economics, presented methodological critiques of economics in general, and of DSGE models and rational expectations in particular. The paper incited wide-ranging debate, and INET posted on its website several responses to the article from other prominent economists (<A href="http://cts.vresp.com/c/?InstituteforNewEcono/dc52d6219f/4a6f2ba2fa/c4c599c5d4/utm_content=dharao4%40yahoo.co.uk&utm_source=VerticalResponse&utm_medium=Email&utm_term=Michael%20Woodford&utm_campaign=John%20Kay%3A%20Why%20Economics%20Needs%20Eclecticism" rel=nofollow target=_blank>Michael Woodford</A>, <A
href="http://cts.vresp.com/c/?InstituteforNewEcono/dc52d6219f/4a6f2ba2fa/ccdeac1fdf/utm_content=dharao4%40yahoo.co.uk&utm_source=VerticalResponse&utm_medium=Email&utm_term=Roger%20Guesnerie&utm_campaign=John%20Kay%3A%20Why%20Economics%20Needs%20Eclecticism" rel=nofollow target=_blank>Roger Guesnerie</A>, <A href="http://cts.vresp.com/c/?InstituteforNewEcono/dc52d6219f/4a6f2ba2fa/938c5a16fd/utm_content=dharao4%40yahoo.co.uk&utm_source=VerticalResponse&utm_medium=Email&utm_term=Paul%20Davidson&utm_campaign=John%20Kay%3A%20Why%20Economics%20Needs%20Eclecticism" rel=nofollow target=_blank>Paul Davidson</A>, and <A href="http://cts.vresp.com/c/?InstituteforNewEcono/dc52d6219f/4a6f2ba2fa/467f59d4cc/utm_content=dharao4%40yahoo.co.uk&utm_source=VerticalResponse&utm_medium=Email&utm_term=Giovanni%20Dosi&utm_campaign=John%20Kay%3A%20Why%20Economics%20Needs%20Eclecticism" rel=nofollow target=_blank>Giovanni
Dosi</A>).</DIV>
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<DIV>Today, INET presents you a video interview with John Kay in which he discusses the state of economics with INET Executive Director Rob Johnson. 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.</DIV><WBR><A id=yiv1385683616 href="http://cts.vresp.com/c/?InstituteforNewEcono/dc52d6219f/4a6f2ba2fa/b8df89e153/utm_content=dharao4%40yahoo.co.uk&utm_source=VerticalResponse&utm_medium=Email&utm_term=Link%20to%20video&utm_campaign=John%20Kay%3A%20Why%20Economics%20Needs%20Eclecticism" rel=nofollow target=_blank>Link to video</A>
<DIV><WBR></DIV></DIV>
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<DIV style="BORDER-BOTTOM: black 0px; BORDER-LEFT: black 0px; PADDING-BOTTOM: 0px; LINE-HEIGHT: 1.5; BACKGROUND-COLOR: transparent; MARGIN: 0px 0px 10px; PADDING-LEFT: 0px; WIDTH: 100%; PADDING-RIGHT: 0px; FONT-FAMILY: Arial, Helvetica, sans-serif; COLOR: #000000; CLEAR: both; FONT-SIZE: 12px; BORDER-TOP: black 0px; FONT-WEIGHT: normal; BORDER-RIGHT: black 0px; PADDING-TOP: 0px"><IMG style="WIDTH: 55px; HEIGHT: 55px" title=team-enno border=0 hspace=7 alt=team-enno align=right src="http://img-ak.verticalresponse.com/media/8/d/9/8d99468beb/dc52d6219f/49963b18e6/library/team-enno.JPG" width=55 height=55>Kind regards,<WBR>Enno Schröder<WBR>Manager INET Online<WBR></DIV>
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<DIV style="BORDER-BOTTOM: black 0px; BORDER-LEFT: black 0px; PADDING-BOTTOM: 0px; LINE-HEIGHT: 1.5; BACKGROUND-COLOR: transparent; MARGIN: 0px 0px 10px; PADDING-LEFT: 0px; WIDTH: 100%; PADDING-RIGHT: 0px; FONT-FAMILY: Arial, Helvetica, sans-serif; COLOR: #000000; CLEAR: both; FONT-SIZE: 12px; BORDER-TOP: black 0px; FONT-WEIGHT: normal; BORDER-RIGHT: black 0px; PADDING-TOP: 0px"><A href="http://cts.vresp.com/c/?InstituteforNewEcono/dc52d6219f/4a6f2ba2fa/41751ae563/utm_content=dharao4%40yahoo.co.uk&utm_source=VerticalResponse&utm_medium=Email&utm_term=&utm_campaign=John%20Kay%3A%20Why%20Economics%20Needs%20Eclecticism" rel=nofollow target=_blank><IMG style="WIDTH: 164px; HEIGHT: 92px" title=playground-thumbnail-300px border=0 hspace=7 alt=playground-thumbnail-300px vspace=7 align=right src="http://img-ak.verticalresponse.com/media/8/d/9/8d99468beb/dc52d6219f/c4b98530bb/library/playground-thumbnail-300px%205.JPG" width=164 height=92></A><A
href="http://cts.vresp.com/c/?InstituteforNewEcono/dc52d6219f/4a6f2ba2fa/f51fe16de8/utm_content=dharao4%40yahoo.co.uk&utm_source=VerticalResponse&utm_medium=Email&utm_term=Marion%20Fourcade%20and%20historians%20of%20economics%3A%20a%20quiet%20revolution%3F&utm_campaign=John%20Kay%3A%20Why%20Economics%20Needs%20Eclecticism" rel=nofollow target=_blank>Marion Fourcade and historians of economics: a quiet revolution?</A>
<DIV><FONT size=1>by YANN GIRAUD</FONT></DIV>
<DIV>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. ...<WBR>
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<DIV><A href="http://cts.vresp.com/c/?InstituteforNewEcono/dc52d6219f/4a6f2ba2fa/9744d8f3da/utm_content=dharao4%40yahoo.co.uk&utm_source=VerticalResponse&utm_medium=Email&utm_term=How%20God%2C%20Adam%20Smith%2C%20and%20the%20invisible%20hand%20changes%20over%20time&utm_campaign=John%20Kay%3A%20Why%20Economics%20Needs%20Eclecticism" rel=nofollow target=_blank>How God, Adam Smith, and the invisible hand changes over time</A>
<DIV><FONT size=1>by BENJAMIN MITRA-KAHN</FONT></DIV>
<DIV>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: ...</DIV>
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<DIV><A href="http://cts.vresp.com/c/?InstituteforNewEcono/dc52d6219f/4a6f2ba2fa/98f660cb10/utm_content=dharao4%40yahoo.co.uk&utm_source=VerticalResponse&utm_medium=Email&utm_term=At%20Home%20in%20Economics&utm_campaign=John%20Kay%3A%20Why%20Economics%20Needs%20Eclecticism" rel=nofollow target=_blank>At Home in Economics</A><WBR><FONT size=1>by TILL DÜPPE</FONT><WBR>My friend read somewhere that the experience of death makes people think in philosophical terms. He might have thought of religion rather than philosophy, I replied. We agreed, and wandered off talking about our crypto-religious experiences in good old secular Europe. ...<WBR></DIV></DIV></DIV></DIV></DIV>
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<H3 style="BORDER-BOTTOM: black 0px; BORDER-LEFT: black 0px; PADDING-BOTTOM: 0px; LINE-HEIGHT: normal; BACKGROUND-COLOR: transparent; MARGIN: 0px 0px 6px; PADDING-LEFT: 0px; WIDTH: 100%; PADDING-RIGHT: 0px; FONT-FAMILY: Arial, Helvetica, sans-serif; COLOR: #000000; FONT-SIZE: 14px; BORDER-TOP: black 0px; FONT-WEIGHT: bold; BORDER-RIGHT: black 0px; PADDING-TOP: 0px">David Tuckett: How Stories about Economic Fundamentals Drive Financial Markets</H3>
<DIV style="BORDER-BOTTOM: black 0px; BORDER-LEFT: black 0px; PADDING-BOTTOM: 0px; LINE-HEIGHT: 1.5; BACKGROUND-COLOR: transparent; MARGIN: 0px 0px 10px; PADDING-LEFT: 0px; WIDTH: 100%; PADDING-RIGHT: 0px; FONT-FAMILY: Arial, Helvetica, sans-serif; COLOR: #000000; CLEAR: both; FONT-SIZE: 12px; BORDER-TOP: black 0px; FONT-WEIGHT: normal; BORDER-RIGHT: black 0px; PADDING-TOP: 0px">
<DIV><A href="http://cts.vresp.com/c/?InstituteforNewEcono/dc52d6219f/4a6f2ba2fa/89853a5fd5/utm_content=dharao4%40yahoo.co.uk&utm_source=VerticalResponse&utm_medium=Email&utm_term=&utm_campaign=John%20Kay%3A%20Why%20Economics%20Needs%20Eclecticism" rel=nofollow target=_blank><IMG style="WIDTH: 160px; HEIGHT: 90px" title=tuckett-rob-interview-600px border=0 hspace=7 alt=tuckett-rob-interview-600px vspace=7 align=left src="http://img-ak.verticalresponse.com/media/8/d/9/8d99468beb/dc52d6219f/a594f072a4/library/tuckett-rob-interview-600px.jpg" width=160 height=90></A>Fund managers cannot possibly know what the future will bring, yet they have to commit today to holding assets that promise a return tomorrow. Such a commitment requires confidence -- confidence that is hard to come by in the face of uncertainty. To cope with the uncertainty, fund managers rely on gut feelings and invent stories that justify their decisions. In the end, it is
stories and emotions that drive financial markets. That is, in a nutshell, the theory of asset pricing developed by David Tuckett.</DIV>
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<DIV><A id=yiv1385683616 href="http://cts.vresp.com/c/?InstituteforNewEcono/dc52d6219f/4a6f2ba2fa/67f0d184b2/utm_content=dharao4%40yahoo.co.uk&utm_source=VerticalResponse&utm_medium=Email&utm_term=Link%20to%20video&utm_campaign=John%20Kay%3A%20Why%20Economics%20Needs%20Eclecticism" rel=nofollow target=_blank>Link to video</A></DIV>
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<DIV style="BORDER-BOTTOM: black 0px; BORDER-LEFT: black 0px; PADDING-BOTTOM: 0px; LINE-HEIGHT: 1.5; BACKGROUND-COLOR: transparent; MARGIN: 0px 0px 10px; PADDING-LEFT: 0px; WIDTH: 100%; PADDING-RIGHT: 0px; FONT-FAMILY: Arial, Helvetica, sans-serif; COLOR: #000000; CLEAR: both; FONT-SIZE: 12px; BORDER-TOP: black 0px; FONT-WEIGHT: normal; BORDER-RIGHT: black 0px; PADDING-TOP: 0px"><A href="http://cts.vresp.com/c/?InstituteforNewEcono/dc52d6219f/4a6f2ba2fa/9398327661/utm_content=dharao4%40yahoo.co.uk&utm_source=VerticalResponse&utm_medium=Email&utm_term=&utm_campaign=John%20Kay%3A%20Why%20Economics%20Needs%20Eclecticism" rel=nofollow target=_blank><IMG style="WIDTH: 161px; HEIGHT: 91px" title=money-view-thumbnail-300px border=0 hspace=7 alt=money-view-thumbnail-300px vspace=7 align=right src="http://img-ak.verticalresponse.com/media/8/d/9/8d99468beb/dc52d6219f/4097dd9037/library/money-view-thumbnail-300px%202.jpg" width=161 height=91></A><A
href="http://cts.vresp.com/c/?InstituteforNewEcono/dc52d6219f/4a6f2ba2fa/b27a32357f/utm_content=dharao4%40yahoo.co.uk&utm_source=VerticalResponse&utm_medium=Email&utm_term=Bank%20or%20No%20Bank%3F%20A%20Money%20View%20of%20SDRs&utm_campaign=John%20Kay%3A%20Why%20Economics%20Needs%20Eclecticism" rel=nofollow target=_blank>Bank or No Bank? A Money View of SDRs</A>
<DIV><FONT size=1>by DANIEL NEILSON</FONT></DIV>
<DIV>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. ...
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<DIV><A href="http://cts.vresp.com/c/?InstituteforNewEcono/dc52d6219f/4a6f2ba2fa/f6749e19ef/utm_content=dharao4%40yahoo.co.uk&utm_source=VerticalResponse&utm_medium=Email&utm_term=Why%20did%20the%20ECB%20LTROs%20help%3F&utm_campaign=John%20Kay%3A%20Why%20Economics%20Needs%20Eclecticism" rel=nofollow target=_blank>Why did the ECB LTROs help?</A></DIV>
<DIV><FONT size=1>by PERRY MEHRLING</FONT></DIV>
<DIV>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. ...</DIV></DIV></DIV></DIV></DIV>
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<DIV style="BORDER-BOTTOM: black 0px; BORDER-LEFT: black 0px; PADDING-BOTTOM: 0px; LINE-HEIGHT: 1.5; BACKGROUND-COLOR: transparent; MARGIN: 0px 0px 10px; PADDING-LEFT: 0px; WIDTH: 100%; PADDING-RIGHT: 0px; FONT-FAMILY: Arial, Helvetica, sans-serif; COLOR: #000000; CLEAR: both; FONT-SIZE: 12px; BORDER-TOP: black 0px; FONT-WEIGHT: normal; BORDER-RIGHT: black 0px; PADDING-TOP: 0px"><A href="http://cts.vresp.com/c/?InstituteforNewEcono/dc52d6219f/4a6f2ba2fa/89ab049016/utm_content=dharao4%40yahoo.co.uk&utm_source=VerticalResponse&utm_medium=Email&utm_term=&utm_campaign=John%20Kay%3A%20Why%20Economics%20Needs%20Eclecticism" rel=nofollow target=_blank><IMG style="WIDTH: 160px; HEIGHT: 90px" title=schularick-600px border=0 hspace=7 alt=schularick-600px vspace=7 align=left src="http://img-ak.verticalresponse.com/media/8/d/9/8d99468beb/dc52d6219f/46edbba004/library/schularick-600px.jpg" width=160 height=90></A>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.<WBR><WBR><A id=yiv1385683616 href="http://cts.vresp.com/c/?InstituteforNewEcono/dc52d6219f/4a6f2ba2fa/20610414e8/utm_content=dharao4%40yahoo.co.uk&utm_source=VerticalResponse&utm_medium=Email&utm_term=Link%20to%20video&utm_campaign=John%20Kay%3A%20Why%20Economics%20Needs%20Eclecticism" rel=nofollow target=_blank>Link to video</A>
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<DIV>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 <A href="http://cts.vresp.com/c/?InstituteforNewEcono/dc52d6219f/4a6f2ba2fa/e88ee2554a/utm_content=dharao4%40yahoo.co.uk&utm_source=VerticalResponse&utm_medium=Email&utm_term=program%20here%2C&utm_campaign=John%20Kay%3A%20Why%20Economics%20Needs%20Eclecticism" rel=nofollow target=_blank>program here,</A> and fill out a brief <A href="http://cts.vresp.com/c/?InstituteforNewEcono/dc52d6219f/4a6f2ba2fa/5b1ae217bf/utm_content=dharao4%40yahoo.co.uk&utm_source=VerticalResponse&utm_medium=Email&utm_term=application%20here&utm_campaign=John%20Kay%3A%20Why%20Economics%20Needs%20Eclecticism" rel=nofollow target=_blank>application here</A>. (INET will cover all travel and
accommodation expense.)</DIV>
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<DIV>Find more <A href="http://cts.vresp.com/c/?InstituteforNewEcono/dc52d6219f/4a6f2ba2fa/631cc345b0/utm_content=dharao4%40yahoo.co.uk&utm_source=VerticalResponse&utm_medium=Email&utm_term=info%20here&utm_campaign=John%20Kay%3A%20Why%20Economics%20Needs%20Eclecticism" rel=nofollow target=_blank>info here</A>.</DIV></DIV>
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<DIV>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. <A id=yiv1385683616 href="http://cts.vresp.com/c/?InstituteforNewEcono/dc52d6219f/4a6f2ba2fa/a6a406dc70" rel=nofollow target=_blank>Click here</A></DIV></DIV>
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