This paper invites reflection on the nature and role of visual illustration in economics, through a historical account of the “Hayekian triangle,” a graphical representation devised by Friedrich A. Hayek to depict the structure of production and introduced in his 1931 book Prices and Production. Tracing its origins back to Hayek’s earlier “schemes” in 1929, the paper then examines the triangle’s evolution and its applications in visualizing economic phenomena such as capital accumulation and business cycles. The paper also highlights key developments by contemporaries and successors, such as Evan F. M. Durbin, Murray N. Rothbard, and Roger W. Garrison, as well as more recent formalizations that integrate mathematical precision.

From the 1960s, the rising volatility of financial markets in the US troubled econometricians and bank managers alike. Both found it increasingly difficult to forecast savings deposit flows. This article explores these challenges by focusing on two developments. First, it analyzes the adjustment process among econometric models of the savings deposit market. I combine the analysis of the FMP model used by the Fed since 1970 and the deposit model of the Philadelphia Saving Fund Society (PSFS), thereby pioneering the historical analysis of econometric models built by private financial institutions. I find that economists failed to discover timeless determinants for deposit flows. Second, I explore how the conditions of the savings deposit market shaped the demand for macroeconomic forecast models, using the PSFS as a case study. I show that while the rising volatility led bank managers to seek sophisticated tools to predict deposit flows, the deregulation of the banking industry put the forecasting quality of macroeconomic models for individual banks to the test.

Medieval lex mercatoria refers to the customary commercial law developed by merchants to govern cross-border trade, operating alongside and sometimes independently of territorial legal systems. This paper compares that historical form of autonomous ordering with contemporary blockchain governance. Both create institutional frameworks that facilitate exchange among diverse actors and provide mechanisms that function, to varying degrees, outside traditional state authority. The key difference lies in how rules are generated and enforced: medieval merchant law relied on flexible norms interpreted by merchant courts and other human adjudicators, whereas blockchain systems seek to reduce ambiguity by encoding rules ex ante in smart contracts and automating enforcement. Decentralized decision-making and emerging forms of on-chain adjudication further reimagine dispute resolution without centralized judicial power. The central claim is that both represent polycentric legal orders whose significance ultimately depends on how they interact with, complement, or challenge formal governmental institutions.

With the Directive on Corporate Sustainability Due Diligence, the European Union strives to address the negative externalities of companies that arise in the global economy. The new Directive follows the example of national lawmakers by requiring large companies operating in their own jurisdiction to manage adverse impacts on human rights and the environment. These due diligence laws affect companies beyond European borders by cascading due diligence standards down transnational ownership ties and value chains. They are shifting gears in the complex engine of the global economy and have considerable impacts on stakeholders in third countries. These extraterritorial implications raise the question of what limits international law places on relevant unilateral legislation. This article assesses the Directive against the law of jurisdiction and international comity arguing that unilateral due diligence laws are an appropriate way to address transnational sustainability challenges, provided lawmakers take adequate precautions.

This paper examines the impact of shared religious composition on global wine trade. We assembled a novel dataset of bilateral wine trade flows and country-level religious affiliation for 102 countries from 1988 to 2023. Our theory-consistent gravity estimates show that a greater common share of Protestant denominations between trading partners is associated with increased bilateral wine trade. In contrast, a higher share of Other Christian denominations is associated with lower trade intensity. To quantify the implications of religious similarity for global wine trade, we conducted a general equilibrium simulation. We find that increasing global alignment in the Protestant denomination would reduce trade costs more than eliminating all global tariffs, with major exporters seeing export gains up to 205.9%. These findings suggest that cultural factors, long treated as secondary, play a central role in shaping trade integration and should be considered alongside standard trade policy tools.

Integrated Soil Fertility Management (ISFM) refers to a holistic approach to managing soil fertility that combines a variety of techniques and practices to improve soil health and enhance agricultural productivity, particularly in smallholder farming systems. Despite the associated higher labor and other input demands associated with ISFM adoption, there is limited empirical evidence regarding the positive outcomes of these investments at the household level. Using data from 380 tomato farmers in three regions of Ghana, we explore the relationship between ISFM adoption and household welfare. The methodology employed relies on inverse probability weighting regression adjustment (IPWRA). The findings reveal that ISFM adoption positively impacts household welfare by increasing net income by GH₵436.88 ($60.43)/ha, improving household assets by GH₵518.17 ($71.67)/ha, enhancing food security by 1.23 points, and reducing household expenditure by GH₵57.39 ($7.94)/ha. The results highlight ISFM’s potential to enhance smallholder welfare through increased income, improved household assets, and better food security, contributing to poverty reduction and sustainable agricultural development. Policies should focus on improving access to fertilizers, seeds, and pesticides, coupled with extension services and farmer education programs to promote ISFM adoption. Tailored interventions targeting older and more experienced farmers, as well as household heads, are essential to overcome barriers to adoption and maximize the economic and welfare benefits of ISFM practices.