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   "abstract": "<jats:title>Abstract</jats:title>\n                  <jats:p>The solution to the puzzles that I took with me to America was, as it turned out, very simple. All that was needed was to recognize that there were costs of carrying out market transactions and to incorporate them into the analysis, something which economists had failed to do. A firm had therefore a role to play in the economic system if it were possible for transactions to be organized within the firm at less cost than would be incurred if the same transactions were carried out through the market. The limit to the size of the firm would be set when the scope of its operations had expanded to the point at which the costs of organizing additional transactions within the firm exceeded the costs of carrying out the same transactions through the market or in another firm. This statement has been called a \u201ctautology.\u201d It is the criticism people make of a proposition which is clearly right.</jats:p>",
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   "abstract": "<jats:p>What are the welfare effects of the information contained in macroeconomic statistics, central-bank communications, or news in the media? We address this question in a business-cycle framework that nests the neoclassical core of modern DSGE models. Earlier lessons that were based on \u201cbeauty contests\u201d (Morris and Shin, 2002) are found to be inapplicable. Instead, the social value of information is shown to hinge on essentially the same conditions as the optimality of output stabilization policies. More precise information is unambiguously welfare-improving as long as the business cycle is driven primarily by technology and preference shocks \u2013 but can be detrimental when shocks to markups and wedges cause sufficient volatility in \u201coutput gaps.\u201d A numerical exploration suggests that the first scenario is more plausible.</jats:p>",
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   "abstract": "<jats:p>Edwards and Ogilvie (2008) dispute the empirical basis for the view (Greif, e.g., 1989, 1994, 2006) that multilateral reputation mechanism mitigated agency problems among the eleventh century Maghribi traders. They assert that the relations among merchants and agents were law-based. This paper refutes this assertion using quantitative and documentary evidence thereby vindicating the position that the legal system had a marginal role in mitigating agency problems in long-distance trade in this historical era. Edwards and Ogilvie constantly present legal actions in non-trade related legal cases as evidence for a reliance on the legal system for matters pertaining to long-distance trade. Their criticism of Greif's documentary analysis also fails scrutiny. The claim that merchants' relations with their overseas agents were law-based is wrong. This paper is based on quantitative analyses of the corpuses containing the hundreds of documents on which the literature relies and a careful review of the documents and the literature Edwards and Ogilvie cite.\n\nTheir assertion is shown to be based on unrepresentative and irrelevant examples, an inaccurate description of the literature, and a consistent misreading of the few sources they consulted. In particular, their examples for the use of the court are mainly taken from mandatory legal procedures associated with sorting out the assets and liabilities of deceased traders' estates. Such examples do not support the claim that agency relations were law-based. The quantitative analysis reveals that empirical basis for the multilateral reputation view is stronger than originally perceived. This paper also sheds light on the roles of the legal system and reputation mechanism during this period.</jats:p>",
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   "abstract": "<jats:p>Edwards and Ogilvie (2008) dispute the empirical basis of the view (Greif, e.g., 1989, 1994, 2006) that a multilateral reputation mechanism mitigated agency problems among the eleventh-century Maghribi traders. They allege, based on anecdotal evidence and an interpretation of the secondary literature, that the relations among merchants and agents were founded in law. This paper refutes this assertion using comprehensive quantitative analyses of all available primary sources and a careful review of the documents and the literature Edwards and Ogilvie cite. Their assertion that the legal system had a major role in supporting trade is based on unrepresentative and irrelevant examples, an inaccurate description of the literature, and a consistent misreading of the few sources Edwards and Ogilvie consulted. The claim that merchants' relations with their overseas agents were law-based in this historical era is wrong. \r\n\r\nAmong the recent and new quantitative findings reported here are that: (1) less than one percent of the documents\u2019 content is devoted to legal activity on any matter. (2) The legal system was mainly used for mandatory, non-trade related matters. (Edwards and Ogilvie regularly present mandatory legal actions in non-trade related legal cases as evidence for voluntary legal actions in matters pertaining to trade.) (3) The documents reflect thousands of agency relations but less than six court documents possibly concerned with agency disputes. (4) A ten percent random sample of all the documents finds no trade-related legal actions among Maghribis beyond those in the court documents. (5) The percentage of agency relations that were not based on a legal contract is more than previously estimated (75 percent instead of 50 percent). The paper also reaffirms the accuracy of Greif\u2019s documentary examples and sheds light on the roles of the legal system and reputation mechanism during this period. The empirical basis for the multilateral reputation view is stronger than originally perceived.</jats:p>",
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   "abstract": "<title>Abstract</title>\n                <p>\n                  This study tests a working assumption of coordinated development policy: that infrastructure and education spending generate complementary growth returns. Using a panel of 115 developing economies across Sub-Saharan Africa, Asia, and Latin America (1970\u20132023), and an augmented Solow-Barro growth framework estimated via Pooled Mean Group (PMG) and Dynamic Fixed Effects (DFE) estimators, the analysis finds that this assumption does not hold. Conditional convergence is strong, and capital formation is the most consistent long-run growth driver. Digital infrastructure \u2014 proxied by mobile connectivity \u2014 delivers positive, significant effects, particularly in Latin America and Sub-Saharan Africa, while traditional infrastructure and education spending show limited independent effects. Critically, education expenditure does not activate infrastructure's growth returns in any region studied. Where an interaction is detectable \u2014 a negative, significant education\u00d7mobile-connectivity term in Sub-Saharan Africa \u2014 it signals absorptive-capacity failure rather than synergy. For development economics, this reframes a widely used policy prescription: infrastructure\u2013education co-investment programmes deliver growth dividends only where institutional and human-capital preconditions already exist, not from spending coordination alone. Drawing on public expenditure tracking and teacher absenteeism evidence, the paper identifies expenditure leakage and service-delivery failure as concrete channels through which budgeted education spending fails to build growth-relevant human capital.\n                  <bold>JEL Classification:</bold>\n                  O11; O15; O43; H52; C23\n                </p>",
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   "abstract": "<jats:p>This paper focuses on the nexus between state infrastructural power and legitimacy. A comparative case study of nationalism in mid-20th century Mexico and Argentina provides the basis for theorising the impact of state infrastructural power on transformations of official national ideology. Both countries experienced a transition from liberal to popular nationalism. Yet, the extent to which popular nationalism became a regular product of state organisations varied between the two cases, depending on the timing of state development. The temporal congruence between the expansion of state infrastructural power and ideological change, as exemplified by Mexico under C\u00fdrdenas, facilitated the full institutionalisation of the new official ideology, whereas a disjuncture between state development and ideological change, as exemplified by Argentina under Per\u00fdn, inhibited such a comprehensive transformation of nationalism.</jats:p>",
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   "abstract": "<jats:p>All since the rise of the first civilizations, economic development has been closely intertwined with the evolution of states. In this paper, we contribute to the literature on state history and long-run economic development in four ways. First, we extend and complete the state history index from Bockstette, Chanda and Putterman (2002) by coding the experience with states from the first state origins, 3500 BCE, up until 2000 CE. Second, we explore empirically the relationship between time since transition to agriculture and state age, as well as subsequent state history. Our estimated unconditional correlation implies that a 1000 year earlier transition to agriculture is associated with a 470 years earlier emergence of state institutions. We show how this relationship differs between indigenously - and externally - originated states. Third, we show that the relationship between our extended state history index and current levels of economic development has the shape of an inverted u. The results reflect the fact that countries that were home to the oldest states, such as Iraq, Egypt and China, are poorer today than younger inheritors of their civilizations, such as Germany, Denmark and Japan. This pattern was already in place by 1500 CE and is robust to adjusting for migrations during the colonial era. Finally, we demonstrate a very close relationship between state formation and the adoption of writing.</jats:p>",
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   "abstract": "<jats:p>Is the traditional logic by which violent conflict fosters long-run political development universal? To help address this question, this article compares Europe with China. While historical warfare was very common across both units, representative government flourished only in Europe. We suggest that the relationship between violent conflict and political development depends on the underlying political geography context. In Europe, political fragmentation was rampant. Thus, conflict tended to be external (i.e., interstate), and attack threats were multidirectional. Furthermore, exit ability was high in this context. Elites were therefore in a strong bargaining position to demand political representation in return for new tax revenue. China, by contrast, was politically centralized. Here, conflict tended to be internal, attack threats were unidirectional, and exit ability was low. The emperor was thus powerful enough to extract tax funds without surrendering political control. In this context, violent conflict promoted autocratic re-entrenchment. We conclude by briefly analyzing the relationships between political geography, historical conflict, and political development in sub-Saharan Africa and Latin America.</jats:p>",
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   "abstract": "<jats:p>As historians, archaeologists, and database analysts affiliated with the Database of Religious History (DRH; religiondatabase.org), we share with the Seshat: Global History Databank team, authors of a recent study published in\u00a0Nature, an excitement about the potential for deep and sustained collaborations between historians and analysts to answer big questions about human history. We have serious concerns, however, by the approach to the quantitative coding of historical data taken by the Seshat team, as revealed in the backing data (seshatdatabank.info/nature), as well as by a lack of clarity concerning the degree of involvement of expert historians in the coding process. The apparent lack of appreciation for historical scholarship that this coding strategy displays runs the risk of permanently alienating the community of academic historians, who are essential future collaborators in any project devoted to large-scale historical data analysis. In the present commentary, we present a preliminary critical review of their latest article, \u201cComplex Societies Precede Moralizing Gods Throughout World History\u201d (2019).</jats:p>",
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   "abstract": "<jats:p>Whitehouse et al. (2019) recently concluded their groundbreaking big-data historical research by stating that \u201cmoralizing gods\u201d followed in the wake of early increases in social complexity, rather than preceding and paving the way for such increases. According to these results, it was doctrinal (group) rituals that helped facilitate an increase in social complexity and (religious) identity. The idea of a \u201csupernatural punishment\u201d came later, helping to maintain the existing cooperation in societies once those societies reached a certain size. However, the focus on big data in the pursuit of these questions runs the risks of leading to oversimplifications and presuppositions. I will draw on examples from Roman religion that appear in the Seshat dataset to illustrate some critical points, and will point out some problems concerning cooperation and social complexity that follow from the way in which the historical evidence is handled and, thus, merged into the databank.</jats:p>",
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   "abstract": "<jats:p>Climate variability and natural hazards like floods and earthquakes can act as environmental shocks or socioecological stressors leading to instability and suffering throughout human history. Yet, societies experience a wide range of outcomes when facing such challenges: some suffer from social unrest, civil violence or complete collapse; others prove more resilient and maintain key social functions. We currently lack a clear, generally agreed-upon conceptual framework and evidentiary base to explore what causes these divergent outcomes. Here, we discuss efforts to develop such a framework through the Crisis Database (CrisisDB) programme. We illustrate that the impact of environmental stressors is mediated through extant cultural, political and economic structures that evolve over extended timescales (decades to centuries). These structures can generate high resilience to major shocks, facilitate positive adaptation, or, alternatively, undermine collective action and lead to unrest, violence and even societal collapse. By exposing the ways that different societies have reacted to crises over their lifetime, this framework can help identify the factors and complex social\u2013ecological interactions that either bolster or undermine resilience to contemporary climate shocks.</jats:p>\n                  <jats:p>This article is part of the theme issue \u2018Climate change adaptation needs a science of culture\u2019.</jats:p>",
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   "abstract": "<p>Climate variability and natural hazards like floods and earthquakes can act as environmental shocks or socioecological stressors leading to instability and suffering throughout human history. Yet, societies experience a wide range of outcomes when facing such challenges: some suffer from social unrest, civil violence, or complete collapse; others prove more resilient and maintain key social functions. We currently lack a clear, generally agreed-upon conceptual framework and evidentiary base to explore what causes these divergent outcomes. Here, we discuss efforts to develop such a framework through the Crisis Database (CrisisDB) programme. We illustrate that the impact of environmental stressors is mediated through extant cultural, political, and economic structures that evolve over extended timescales (decades to centuries). These structures can generate high resilience to major shocks, facilitate positive adaptation, or, alternatively, undermine collective action and lead to unrest, violence, and even societal collapse. By exposing the ways that different societies have reacted to crises over their lifetime, this framework can help identify the factors and complex social-ecological interactions that either bolster or undermine resilience to contemporary climate shocks.</p>",
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   "abstract": "<jats:p>This exploratory study examines organizational performance during polycrisis conditions through systematic analysis of six companies across diverse sectors (utilities, aviation, manufacturing, pharmaceuticals, food, electronics). The research addresses a critical gap in organizational literature by investigating how organizations navigate interconnected crises while simultaneously advancing business, environmental, and social objectives\u2014a phenomenon the authors term \u201cthreading the needle.\u201d\n\nUsing publicly available data from 2024-2025, the study employs a comprehensive assessment framework evaluating organizations across eight dimensions: sustainable practices and environmental responsibility, complex adaptive systems capabilities, systems thinking orientation, innovation in crisis management, cross-sectoral collaboration, ethical frameworks and transparency, responsive organizational culture, and welfare beyond human concerns. The methodology integrates established organizational performance literature with polycrisis theory to understand integrated approaches to multi-domain challenges.\n\nThe study\u2019s primary contribution lies in challenging the conventional assumption that business success requires trade-offs between financial performance and socio-ecological objectives. Through rigorous case analysis, the research identifies ten evidence-based organizational practices that enable superior performance across multiple stakeholder domains simultaneously, even during major disruptions including pandemics, natural disasters, cyberattacks, and supply chain crises.\n\nFindings reveal that organizations demonstrating strong \u201cthreading the needle\u201d capabilities achieve compound benefits through strategic investments serving multiple objectives, systems thinking that eliminates false trade-offs, crisis conversion mechanisms that transform disruptions into competitive advantages, and stakeholder partnerships that expand organizational capacity. The research provides both theoretical advancement in understanding polycrisis organizational behavior and practical frameworks for leaders navigating complex, interconnected challenges.\n\nThe study acknowledges limitations including reliance on publicly available data, focus on large organizations, and exploratory methodology, while establishing foundations for future empirical research on organizational performance during systemic disruption.</jats:p>",
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     "unstructured": "Karaganov, S. & Bordachev, T. (2018, September 29).\n                      Report: Toward the Great Ocean \u2013 6: People, history, ideology, education. Rediscovering the Identity\n                      , http://valdaiclub.com/a/reports/report-toward-the-great-ocean-6/?sphrase_id=510192"
    },
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     "unstructured": "Karavayev, A. & Tishehyar, M. (2019, June 20). International North-South Transport Corridor and Transregional Integration Scenarios,\n                      Valdai Club Report\n                      , http://valdaiclub.com/files/24967/"
    },
    {
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     "unstructured": "Kashin, V. (2018). The Current State of Russian-Chinese Defense Cooperation,\n                      CNA Occasional Paper\n                      , https://www.cna.org/CNA_files/PDF/DOP-2018-U-018184-Final.pdf, 29 August."
    },
    {
     "key": "cit0052",
     "unstructured": "Kashin, V. (2019a).\n                      Neob\u201dyavlennyi soyuz.Kak Rossiya i Kitai vykhodyat na novyi uroven\u2019 voennogo partnerstva\n                      , https://carnegie.ru/commentary/80096, 18 October."
    },
    {
     "key": "cit0053",
     "unstructured": "Kashin, V. (2019b, August 29).\n                      Russia and China: Union and strategic uncertainty?\n                      https://russiancouncil.ru/en/analytics-and-comments/analytics/russia-and-china-union-or-strategic-uncertainty/"
    },
    {
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     "unstructured": "Kazakhstan (2019, May 7).\n                      European commission\n                      , http://ec.europa.eu/trade/policy/countries-and-regions/countries/kazakhstan/"
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    {
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     "unstructured": "Kholodkov, V. M. (Ed.). (2019, March 5).\n                      Doklad podgotovlen sotrudnikami Tsentra issledovaniy stran bliazhnegoa zarubezh\u2019ya RISI, Rossiiskii Institut Strategicheskikh Issledovanii\n                      , https://riss.ru/analitycs/58370/"
    },
    {
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     "unstructured": "Kofman, M. (2019).\n                      Russia-China Bomber Patrol Shows Stronger Alignment Between the Two\n                      , https://www.russiamatter.org/analysis/russi-china-bomber-patrol-shows-stronger-alignment-between-two"
    },
    {
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     "unstructured": "Kofman, M. (2019a, November 29).\n                      Towards a Sino-Russian entente?\n                      https://www,ridl.io/towards-a-sino-russian-entente/"
    },
    {
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     "unstructured": "Kofner, Y. (2019).\n                      EAEU: It\u2019s Only the Beginning\n                      , http://valdaiclub.com/a/highlights/eaeu-it-is-only-the-beginning/, 30 May."
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    {
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     "unstructured": "Kommersant. (2010).\n                      Singapur dobavit EAES svobody Strany \u00abpiiaterki\u00bb podpishut novoe soglashenie o besposhlinnoy torgovle\n                      , https://www.kommersant.ru/doc/4110462?from=four_economic"
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    {
     "key": "cit0060",
     "unstructured": "Kommersant. (2019, October 4).\n                      Rossiiskii analog SWIFT vykhodit v mir\n                      https://www.kommersant.ru/doc/3759637"
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    {
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     "unstructured": "Kortunov, A. (2019, May 29).\n                      Kto budet stroit\u2019 novyy miroporiadok\n                      , https://russiancouncil.ru/analytics-and-comments/analytics/kto-budet-stroit-novyy-miroporyadok/"
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    {
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     "unstructured": "Kosyrev, D. (2019, May 13).\n                      Vse dorogi vedut - kuda?\n                      https://www.kommersant.ru/doc/3952430"
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     "unstructured": "Kremlin.ru. (2019a, June 13).\n                      Interv\u2019iu Vladimira Putina Mezhgodustarstvennoi teleradiokompanii \u2018Mir\u2019\n                      , http://www.kremlin.ru/events/president/news/60741"
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     "unstructured": "Vesti. (2016).\n                      Rossiia, Mongoliia i Kitai podpisali soglashenie o sotrudnichestve\n                      , 8 August, https://www.vesti.ru/doc.html?id=2785208&cid=17 (Accessed 10 June 2019)."
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   "abstract": "<jats:p>We develop an omitted variable bias framework for sensitivity analysis of instrumental variable (IV) estimates that is immune to weak instruments, naturally handles multiple side-effects (violations of the exclusion restriction assumption) and confounders (violations of the ignorability of the instrument assumption), exploits expert knowledge to bound sensitivity parameters, and can be easily implemented with standard software. Conveniently, many pivotal conclusions regarding the sensitivity of the IV estimate (e.g. tests against the null hypothesis of zero causal effect) can be reached simply through separate sensitivity analyses of the effect of the instrument on the treatment (the first stage) and the effect of the instrument on the outcome (the reduced form). More specifically, we introduce sensitivity statistics for routine reporting, such as robustness values for IV estimates, describing the minimum strength that omitted variables need to have to change the conclusions of an IV study. Next we provide visual displays that fully characterize the sensitivity of IV point-estimates and confidence intervals to violations of the standard IV assumptions. Finally, we offer formal bounds on the worst possible bias under the assumption that the maximum explanatory power of omitted variables are no stronger than a multiple of the explanatory power of observed variables. We apply our methods in a running example that uses instrumental variables to estimate the returns to schooling.</jats:p>",
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     "article-title": "These tools can thus be immediately put to use to improve the robustness of current research, without requiring any additional assumptions, beyond those that already justified the traditional IV analysis in the first place. Recent papers, however, have usefully questioned the causal interpretation of the traditional IV estimand, as it relies on strong parametric assumptions (S?oczy?ski",
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   "abstract": "<jats:title>Abstract</jats:title>\n               <jats:p>We develop an omitted variable bias framework for sensitivity analysis of instrumental variable estimates that naturally handles multiple side effects (violations of the exclusion restriction assumption) and confounders (violations of the ignorability of the instrument assumption) of the instrument, exploits expert knowledge to bound sensitivity parameters and can be easily implemented with standard software. Specifically, we introduce sensitivity statistics for routine reporting, such as (extreme) robustness values for instrumental variables, describing the minimum strength that omitted variables need to have to change the conclusions of a study. Next, we provide visual displays that fully characterize the sensitivity of point estimates and confidence intervals to violations of the standard instrumental variable assumptions. Finally, we offer formal bounds on the worst possible bias under the assumption that the maximum explanatory power of omitted variables is no stronger than a multiple of the explanatory power of observed variables. Conveniently, many pivotal conclusions regarding the sensitivity of the instrumental variable estimate (e.g., tests against the null hypothesis of a zero causal effect) can be reached simply through separate sensitivity analyses of the effect of the instrument on the treatment (the first stage) and the effect of the instrument on the outcome (the reduced form). We apply our methods in a running example that uses proximity to college as an instrumental variable to estimate the returns to schooling.</jats:p>",
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     "unstructured": "Suppose we have some vector space S such that it is possible to express every vector in S as a linear combination of k (x 1, x 2, \u2026, xk ) vectors. Then, if the k vectors are linearly independent, the set of k vectors forms a basis for S. See Searle (1982) for more details."
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     "unstructured": "Figure 2b is based on the nonmonotonic hazard. The graphs for the increasing hazard and decreasing hazard scenarios look similar and are available in the Web Appendix."
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     "unstructured": "We have replicated a number of other analyses: for example, the reanalysis of Oneal and Russett (1997) by Beck, Katz, and Tucker (1998), as well as the analysis in Palmer, London, and Regan (2004). In all cases, we find that a cubic polynomial performs just as well as splines with automatic knot placement. Results are available in our Web Appendix."
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     "volume-title": "An unsettled people: Social order and disorder in American history",
     "author": "Berthoff",
     "year": "1971"
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     "DOI": "10.2307/2669335"
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     "DOI": "10.2307/1928444"
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     "unstructured": "Several forms of GCV can be implemented using the mgcv package in R. See Ruppert, Wand, and Carroll (2003) and Keele (2008) for details on automated smoothing methods."
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     "unstructured": "See also Efron (1988) for an application of a cubic polynomial in estimating Kaplan-Meier survival curves using binomial count data."
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     "unstructured": "The nonmonotonic hazard here is referred to as \u201cnonmonotonic hazard 2\u201d in Section 4. This hazard has a sharp rise in failure followed by a gradual decrease over time."
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     "volume-title": "A tutorial on logistic regression",
     "author": "So",
     "year": "1995"
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     "volume-title": "Matrix algebra useful for statistics",
     "author": "Searle",
     "year": "1982"
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     "unstructured": "Technically, a researcher is testing the joint null hypothesis of proportionality for a regressor and that the hazard is approximated by a cubic polynomial."
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     "unstructured": "Even though Albert and Anderson (1984) only deal with the logit case, cloglog and probit are similarly affected. Data with an ordinal dependent variable can also fall into this classification. See So (1995) for an intuitive and nontechnical explanation. See Zorn (2005) for examples of overlap versus separation with a continuous regressor."
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     "unstructured": "Although some of the numbers in the \u201ctime dummies\u201d column of Table 3 differ slightly from those in Crowley and Skocpol, the results are exactly the same in terms of statistical significance and substantive effect. The numerical differences are due only to choices concerning which time dummy to drop and rescaling of certain regressors. For example, Crowley and Skocpol drops the sixth time dummy, whereas we drop the first. We also divided several of the variables by a multiple of 10 to ensure all regressors were of roughly the same magnitude."
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     "unstructured": "A number of variations of the above were analyzed. For example, in one set of analyses, we assumed the data generating process was cloglog\u2014consistent with a Cox proportional hazard framework. Those results were virtually identical to those presented here. We also ran Monte Carlos to assess the impact of a time-trended covariate. Again, those results were very similar to those reported here. All these are provided in our Web Appendix."
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     "author": "Wiebe",
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