<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-FAMILY: times new roman, new york, times, serif; FONT-SIZE: 12pt">
<DIV style="FONT-FAMILY: times new roman, new york, times, serif; FONT-SIZE: 12pt">
<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> Friday, 3 February 2012, 3:02<BR><B><SPAN style="FONT-WEIGHT: bold">Subject:</SPAN></B> Suresh Naidu - Property Rights and Growth: Lessons from Slavery<BR></FONT></DIV><WBR>
<DIV id=yiv1242232718>
<DIV>
<TABLE border=0 cellSpacing=0 cellPadding=5 align=center>
<TBODY>
<TR>
<TD><A href="http://cts.vresp.com/fbl?66997a097a/4a6f2ba2fa/http%3A%2F%2Fhosted-p0.vresp.com%2F691058%2F66997a097a%2FARCHIVE%23like" rel=nofollow target=_blank><IMG border=0 src="http://img-ak.verticalresponse.com/social_sharing/social_sharing.placeholder.facebook.png"></A> </TD>
<TD><A href="http://cts.vresp.com/ts?66997a097a/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%252F66997a097a%252FARCHIVE%26shortener%3Dbitly%26title%3DSuresh%2BNaidu%2B-%2BProperty%2BRights%2Band%2BGrowth%253A%2BLessons%2Bfrom%2BSlavery" rel=nofollow target=_blank><IMG border=0 src="http://img-ak.verticalresponse.com/social_sharing/social_sharing.placeholder.twitter.png"></A> </TD>
<TD><A href="http://cts.vresp.com/ls?66997a097a/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%252F66997a097a%252FARCHIVE%26shortener%3Dbitly%26title%3DSuresh%2BNaidu%2B-%2BProperty%2BRights%2Band%2BGrowth%253A%2BLessons%2Bfrom%2BSlavery" rel=nofollow target=_blank><IMG border=0 src="http://img-ak.verticalresponse.com/social_sharing/social_sharing.placeholder.linkedin.png"></A> </TD></TR></TBODY></TABLE>
<div style="FONT-FAMILY: Verdana, sans-serif; FONT-SIZE: 10px" align=center><A href="http://hosted.verticalresponse.com/691058/66997a097a/282758247/4a6f2ba2fa/" rel=nofollow target=_blank>Click to view this email in a browser</A> </div>
<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">
<TABLE style="BORDER-BOTTOM: #e0e0e0 10px solid; BORDER-LEFT: #e0e0e0 10px solid; BORDER-TOP: #e0e0e0 10px solid; BORDER-RIGHT: #e0e0e0 10px solid" border=0 cellSpacing=0 cellPadding=0 width=600 bgColor=#ffffff align=center>
<TBODY>
<TR>
<TD>
<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/66997a097a/4a6f2ba2fa/fa0636261b/utm_content=dharao4%40yahoo.co.uk&utm_source=VerticalResponse&utm_medium=Email&utm_term=&utm_campaign=Suresh%20Naidu%20-%20Property%20Rights%20and%20Growth%3A%20Lessons%20from%20Slavery" 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/66997a097a/d605bb4d9c/library/inet-newsletter-banner.jpg" width=600
height=118></A></DIV></TD></TR>
<TR>
<TD vAlign=top width=600>
<TABLE border=0 cellSpacing=0 cellPadding=0 width="100%">
<TBODY>
<TR>
<TD vAlign=top>
<TABLE border=0 cellSpacing=0 cellPadding=0 width="100%">
<TBODY>
<TR>
<TD style="PADDING-BOTTOM: 20px; PADDING-LEFT: 20px; PADDING-RIGHT: 20px; PADDING-TOP: 20px">
<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>
<DIV>
<DIV>Today INET presents you the latest <I>30 Ways to Be an Economist</I> interview. Suresh Naidu tells us about his research on property rights and growth.</DIV></DIV>
<DIV><WBR></DIV></DIV>
<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">Suresh Naidu - Property Rights and Growth: Lessons from Slavery</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"><A href="http://cts.vresp.com/c/?InstituteforNewEcono/66997a097a/4a6f2ba2fa/2b3e9d2b82/utm_content=dharao4%40yahoo.co.uk&utm_source=VerticalResponse&utm_medium=Email&utm_term=&utm_campaign=Suresh%20Naidu%20-%20Property%20Rights%20and%20Growth%3A%20Lessons%20from%20Slavery" rel=nofollow target=_blank><IMG style="WIDTH: 250px; HEIGHT: 141px" title=naidu-600 border=0 hspace=12 alt=naidu-600 vspace=7 align=left src="http://img-ak.verticalresponse.com/media/8/d/9/8d99468beb/66997a097a/81aedfa90d/library/naidu-600.jpg" width=250 height=141></A>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.<WBR><WBR><A id=yiv1242232718 href="http://cts.vresp.com/c/?InstituteforNewEcono/66997a097a/4a6f2ba2fa/169f8f15c9/utm_content=dharao4%40yahoo.co.uk&utm_source=VerticalResponse&utm_medium=Email&utm_term=Link%20to%20video&utm_campaign=Suresh%20Naidu%20-%20Property%20Rights%20and%20Growth%3A%20Lessons%20from%20Slavery" rel=nofollow target=_blank>Link to
video</A>
<DIV><WBR></DIV></DIV>
<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"></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"><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/66997a097a/35e9d09900/library/team-enno.JPG" width=55 height=55>Kind regards,<WBR>Enno Schröder<WBR>Manager INET Online<WBR></DIV>
<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"></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 style="BORDER-BOTTOM: #ccc 1px solid; BORDER-LEFT: #ccc 1px solid; PADDING-BOTTOM: 0px; LINE-HEIGHT: 0; MARGIN: 5px 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; HEIGHT: 0px; FONT-SIZE: 0px; BORDER-TOP: #ccc 1px solid; BORDER-RIGHT: #ccc 1px solid; PADDING-TOP: 0px" class=hr readonly="true" contenteditable="false"></DIV></DIV>
<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"></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"><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 border=0 cellSpacing=0 cellPadding=10 width="100%">
<TBODY>
<TR>
<TD vAlign=top width="33%">
<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">History of Economics Playground</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"><A href="http://cts.vresp.com/c/?InstituteforNewEcono/66997a097a/4a6f2ba2fa/1bb3df4169/utm_content=dharao4%40yahoo.co.uk&utm_source=VerticalResponse&utm_medium=Email&utm_term=&utm_campaign=Suresh%20Naidu%20-%20Property%20Rights%20and%20Growth%3A%20Lessons%20from%20Slavery" 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/66997a097a/7f4327ccde/library/playground-thumbnail-300px%205.JPG" width=164 height=92></A><A href="http://cts.vresp.com/c/?InstituteforNewEcono/66997a097a/4a6f2ba2fa/8a7a95e9a7/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=Suresh%20Naidu%20-%20Property%20Rights%20and%20Growth%3A%20Lessons%20from%20Slavery" 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>
<DIV><WBR></DIV>
<DIV><A href="http://cts.vresp.com/c/?InstituteforNewEcono/66997a097a/4a6f2ba2fa/56cb28268d/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=Suresh%20Naidu%20-%20Property%20Rights%20and%20Growth%3A%20Lessons%20from%20Slavery" 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></DIV></DIV></DIV>
<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"></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 style="BORDER-BOTTOM: #ccc 1px solid; BORDER-LEFT: #ccc 1px solid; PADDING-BOTTOM: 0px; LINE-HEIGHT: 0; MARGIN: 5px 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; HEIGHT: 0px; FONT-SIZE: 0px; BORDER-TOP: #ccc 1px solid; BORDER-RIGHT: #ccc 1px solid; PADDING-TOP: 0px" class=hr readonly="true" contenteditable="false"></DIV></DIV>
<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>
<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/66997a097a/4a6f2ba2fa/01928ddb4a/utm_content=dharao4%40yahoo.co.uk&utm_source=VerticalResponse&utm_medium=Email&utm_term=&utm_campaign=Suresh%20Naidu%20-%20Property%20Rights%20and%20Growth%3A%20Lessons%20from%20Slavery" rel=nofollow target=_blank><IMG style="WIDTH: 160px; HEIGHT: 90px" title=kay-600px border=0 hspace=7 alt=kay-600px vspace=7 align=left src="http://img-ak.verticalresponse.com/media/8/d/9/8d99468beb/66997a097a/619a36007c/library/kay-600px.jpg" width=160 height=90></A>
<DIV><WBR></DIV>
<DIV>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.</DIV><WBR><A id=yiv1242232718 href="http://cts.vresp.com/c/?InstituteforNewEcono/66997a097a/4a6f2ba2fa/8c64fa271d/utm_content=dharao4%40yahoo.co.uk&utm_source=VerticalResponse&utm_medium=Email&utm_term=Link%20to%20video&utm_campaign=Suresh%20Naidu%20-%20Property%20Rights%20and%20Growth%3A%20Lessons%20from%20Slavery" rel=nofollow target=_blank>Link to video</A></DIV></TD>
<TD style="BORDER-LEFT: #cccccc 1px solid; BORDER-RIGHT: #cccccc 1px solid" vAlign=top width="33%">
<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">The Money View</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"><A href="http://cts.vresp.com/c/?InstituteforNewEcono/66997a097a/4a6f2ba2fa/b060897879/utm_content=dharao4%40yahoo.co.uk&utm_source=VerticalResponse&utm_medium=Email&utm_term=&utm_campaign=Suresh%20Naidu%20-%20Property%20Rights%20and%20Growth%3A%20Lessons%20from%20Slavery" 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/66997a097a/9845d50cd7/library/money-view-thumbnail-300px%202.jpg" width=161 height=91></A><A href="http://cts.vresp.com/c/?InstituteforNewEcono/66997a097a/4a6f2ba2fa/2389d0ad0c/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=Suresh%20Naidu%20-%20Property%20Rights%20and%20Growth%3A%20Lessons%20from%20Slavery" 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. ...
<DIV><A href="http://cts.vresp.com/c/?InstituteforNewEcono/66997a097a/4a6f2ba2fa/b3d994f24d/utm_content=dharao4%40yahoo.co.uk&utm_source=VerticalResponse&utm_medium=Email&utm_term=&utm_campaign=Suresh%20Naidu%20-%20Property%20Rights%20and%20Growth%3A%20Lessons%20from%20Slavery" rel=nofollow target=_blank><BR></A>
<DIV>
<DIV><A href="http://cts.vresp.com/c/?InstituteforNewEcono/66997a097a/4a6f2ba2fa/5224dd3798/utm_content=dharao4%40yahoo.co.uk&utm_source=VerticalResponse&utm_medium=Email&utm_term=Why%20did%20the%20ECB%20LTROs%20help%3F&utm_campaign=Suresh%20Naidu%20-%20Property%20Rights%20and%20Growth%3A%20Lessons%20from%20Slavery" 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>
<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"></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 style="BORDER-BOTTOM: #ccc 1px solid; BORDER-LEFT: #ccc 1px solid; PADDING-BOTTOM: 0px; LINE-HEIGHT: 0; MARGIN: 5px 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; HEIGHT: 0px; FONT-SIZE: 0px; BORDER-TOP: #ccc 1px solid; BORDER-RIGHT: #ccc 1px solid; PADDING-TOP: 0px" class=hr readonly="true" contenteditable="false"></DIV></DIV>
<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">Moritz Schularick: Credit Booms Gone Bust</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"><A href="http://cts.vresp.com/c/?InstituteforNewEcono/66997a097a/4a6f2ba2fa/d669ca8784/utm_content=dharao4%40yahoo.co.uk&utm_source=VerticalResponse&utm_medium=Email&utm_term=&utm_campaign=Suresh%20Naidu%20-%20Property%20Rights%20and%20Growth%3A%20Lessons%20from%20Slavery" 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/66997a097a/98de3070b8/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=yiv1242232718 href="http://cts.vresp.com/c/?InstituteforNewEcono/66997a097a/4a6f2ba2fa/461c56134b/utm_content=dharao4%40yahoo.co.uk&utm_source=VerticalResponse&utm_medium=Email&utm_term=Link%20to%20video&utm_campaign=Suresh%20Naidu%20-%20Property%20Rights%20and%20Growth%3A%20Lessons%20from%20Slavery" rel=nofollow target=_blank>Link to video</A>
<DIV><WBR></DIV></DIV></TD>
<TD vAlign=top width="33%">
<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">Students: Join Us in Berlin</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"><IMG style="WIDTH: 161px; HEIGHT: 121px" title="berlin-brandenburg-gate 2" border=0 hspace=7 alt="berlin-brandenburg-gate 2" vspace=7 align=left src="http://img-ak.verticalresponse.com/media/8/d/9/8d99468beb/66997a097a/6753fb7721/library/berlin-brandenburg-gate%202.jpg" width=161 height=121>
<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/66997a097a/4a6f2ba2fa/0cf928d1ab/utm_content=dharao4%40yahoo.co.uk&utm_source=VerticalResponse&utm_medium=Email&utm_term=program%20here%2C&utm_campaign=Suresh%20Naidu%20-%20Property%20Rights%20and%20Growth%3A%20Lessons%20from%20Slavery" rel=nofollow target=_blank>program here,</A> and fill out a brief <A href="http://cts.vresp.com/c/?InstituteforNewEcono/66997a097a/4a6f2ba2fa/d1fb76173a/utm_content=dharao4%40yahoo.co.uk&utm_source=VerticalResponse&utm_medium=Email&utm_term=application%20here&utm_campaign=Suresh%20Naidu%20-%20Property%20Rights%20and%20Growth%3A%20Lessons%20from%20Slavery" rel=nofollow
target=_blank>application here</A>. (INET will cover all travel and accommodation expense.)</DIV>
<DIV><WBR></DIV>
<DIV>Find more <A href="http://cts.vresp.com/c/?InstituteforNewEcono/66997a097a/4a6f2ba2fa/fdbba03ef2/utm_content=dharao4%40yahoo.co.uk&utm_source=VerticalResponse&utm_medium=Email&utm_term=info%20here&utm_campaign=Suresh%20Naidu%20-%20Property%20Rights%20and%20Growth%3A%20Lessons%20from%20Slavery" rel=nofollow target=_blank>info here</A>.</DIV></DIV>
<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"></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 style="BORDER-BOTTOM: #ccc 1px solid; BORDER-LEFT: #ccc 1px solid; PADDING-BOTTOM: 0px; LINE-HEIGHT: 0; MARGIN: 5px 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; HEIGHT: 0px; FONT-SIZE: 0px; BORDER-TOP: #ccc 1px solid; BORDER-RIGHT: #ccc 1px solid; PADDING-TOP: 0px" class=hr readonly="true" contenteditable="false"></DIV></DIV>
<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">Economists: A Profession at Sea Without an Anchor</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>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=yiv1242232718 href="http://cts.vresp.com/c/?InstituteforNewEcono/66997a097a/4a6f2ba2fa/a2e65d9483" rel=nofollow target=_blank>Click here</A></DIV></DIV>
<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"></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 style="BORDER-BOTTOM: #ccc 1px solid; BORDER-LEFT: #ccc 1px solid; PADDING-BOTTOM: 0px; LINE-HEIGHT: 0; MARGIN: 5px 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; HEIGHT: 0px; FONT-SIZE: 0px; BORDER-TOP: #ccc 1px solid; BORDER-RIGHT: #ccc 1px solid; PADDING-TOP: 0px" class=hr readonly="true" contenteditable="false"></DIV></DIV>
<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">Follow Us<BR></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"><A href="http://cts.vresp.com/c/?InstituteforNewEcono/66997a097a/4a6f2ba2fa/7d1195769e" rel=nofollow target=_blank><IMG style="WIDTH: 30px; HEIGHT: 30px" title=twitter_newbird_blue border=0 hspace=4 alt=twitter_newbird_blue align=left src="http://img-ak.verticalresponse.com/media/8/d/9/8d99468beb/66997a097a/5e945b5900/library/twitter_newbird_blue.jpg" width=30 height=30>Twitter</A><WBR><WBR><A href="http://cts.vresp.com/c/?InstituteforNewEcono/66997a097a/4a6f2ba2fa/ebe51fe560" rel=nofollow target=_blank><IMG style="WIDTH: 30px; HEIGHT: 30px" title=facebook border=0 hspace=4
alt=facebook align=left src="http://img-ak.verticalresponse.com/media/8/d/9/8d99468beb/66997a097a/5e945b5900/library/facebook.jpg" width=30 height=30>Facebook</A><WBR><WBR><A href="http://cts.vresp.com/c/?InstituteforNewEcono/66997a097a/4a6f2ba2fa/2c7bf9194a" rel=nofollow target=_blank><IMG style="WIDTH: 30px; HEIGHT: 30px" title=youtube border=0 hspace=4 alt=youtube align=left src="http://img-ak.verticalresponse.com/media/8/d/9/8d99468beb/66997a097a/5e945b5900/library/youtube.jpg" width=30 height=30>Youtube</A><WBR><WBR><A href="http://cts.vresp.com/c/?InstituteforNewEcono/66997a097a/4a6f2ba2fa/2b97ecb661/utm_content=dharao4%40yahoo.co.uk&utm_source=VerticalResponse&utm_medium=Email&utm_term=RSS%20feeds&utm_campaign=Suresh%20Naidu%20-%20Property%20Rights%20and%20Growth%3A%20Lessons%20from%20Slavery" rel=nofollow target=_blank><IMG style="WIDTH: 30px; HEIGHT: 30px" title=RSS-feed-icon-200px border=0 hspace=4 alt=RSS-feed-icon-200px
align=left src="http://img-ak.verticalresponse.com/media/8/d/9/8d99468beb/66997a097a/5e945b5900/library/RSS-feed-icon-200px.jpg" width=30 height=30>RSS feeds</A><WBR><WBR></DIV>
<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"></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 style="BORDER-BOTTOM: #ccc 1px solid; BORDER-LEFT: #ccc 1px solid; PADDING-BOTTOM: 0px; LINE-HEIGHT: 0; MARGIN: 5px 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; HEIGHT: 0px; FONT-SIZE: 0px; BORDER-TOP: #ccc 1px solid; BORDER-RIGHT: #ccc 1px solid; PADDING-TOP: 0px" class=hr readonly="true" contenteditable="false"></DIV></DIV>
<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">Contact Us</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">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 style="BORDER-BOTTOM: #ccc 1px solid; BORDER-LEFT: #ccc 1px solid; PADDING-BOTTOM: 0px; LINE-HEIGHT: 0; MARGIN: 5px 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; HEIGHT: 0px; FONT-SIZE: 0px; BORDER-TOP: #ccc 1px solid; BORDER-RIGHT: #ccc 1px solid; PADDING-TOP: 0px" class=hr readonly="true" contenteditable="false"></DIV>
<TABLE border=0 cellSpacing=0 cellPadding=5 width="100%">
<TBODY>
<TR>
<TD><FONT size=1 face=arial,verdana>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?66997a097a/4a6f2ba2fa/mlpftw" rel=nofollow target=_blank>Unsubscribe</A> </FONT></TD></TR></TBODY></TABLE>
<DIV style="BORDER-BOTTOM: #ccc 1px solid; BORDER-LEFT: #ccc 1px solid; PADDING-BOTTOM: 0px; LINE-HEIGHT: 0; MARGIN: 5px 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; HEIGHT: 0px; FONT-SIZE: 0px; BORDER-TOP: #ccc 1px solid; BORDER-RIGHT: #ccc 1px solid; PADDING-TOP: 0px" class=hr readonly="true" contenteditable="false"></DIV>
<TABLE border=0 cellSpacing=0 cellPadding=5 width="100%">
<TBODY>
<TR>
<TD><FONT size=1 face=arial,verdana>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" rel=nofollow target=_blank>Read</A> the VerticalResponse marketing policy. </div></FONT></TD>
<TD align=right><A href="http://www.verticalresponse.com/landing/ef/?mm/66997a097a" rel=nofollow target=_blank><IMG border=0 alt="Try Email Marketing with VerticalResponse!" src="http://img-ak.verticalresponse.com/pwrby_vr_logo_120.gif"> </A></TD></TR></TBODY></TABLE><IMG alt="" src="http://cts.vresp.com/o.gif?66997a097a/4a6f2ba2fa/mlpftw"> </DIV></DIV><WBR><WBR></DIV></DIV></div></body></html>