We propose a stock market model with chartists, fundamentalists and market makers. Chartists chase stock price trends, fundamentalists bet on mean reversion, and market makers adjust stock prices to reflect current excess demand. Fundamentalists’ perception of the stock market’s fundamental value is subject to animal spirits. As long as the stock market is relatively stable, fundamentalists neutrally believe in a normal fundamental value. However, fundamentalists optimistically (pessimistically) believe in a high (low) fundamental value when the stock market rises (falls) sharply. Our framework may produce boom-bust stock market dynamics that coevolve with waves of optimism and pessimism for parameter settings that would ensure globally stable stock market dynamics in the absence of animal spirits. Responsible for such a surprising outcome is the destabilizing nature of temporarily attracting virtual fixed points, brought about by animal spirits.

In a monetary model based on Lagos and Wright (2005) where unsecured credit and money are used as means-of-payments, we analyze how the cost and quality of the record-keeping technology affect welfare. Specifically, monitoring agents’ debt repayment is costly but is essential to the use of unsecured credit because of limited commitment. To finance this cost, fees on credit transactions are imposed, and the maximum credit limit that is incentive compatible depends on such fees and monitoring level. Alternatively, the use of money avoids such costs. A higher credit limit does not necessarily improve welfare, especially when the limit is high: the benefit from increased trade surpluses from a higher credit limit is offset by the increased cost of monitoring to achieve the improvement. Moreover, under the optimal arrangement, optimal credit limit decreases with the marginal cost of monitoring. When the cost is sufficiently low, a pure credit equilibrium is optimal. When the marginal cost is high, it is optimal to have a pure-currency economy. But when the cost is at an intermediate level, we show that credit is sustainable but not socially optimal. In this range, the implementable credit limit leads to a higher trade surplus than in a pure monetary economy, but owing to the cost of operating the record-keeping system, social welfare in credit equilibrium is lower than the welfare in a pure monetary equilibrium. In addition, we show that there can be a non-monotonic relationship between the optimal record-keeping level and the optimal credit limit.

For many years, scholars consistently dated cup marks – shallow depressions found on both portable and immovable stones – of northern Germany and southern Scandinavia to the Bronze Age. Novel findings trace them back to at least as far as the Late Neolithic period (LN, c. 2350 bc). Recently, portable cup marked stones belonging to a late Funnel Beaker context (c. 2800 bc) have been found. There are even indications of cup marks dating back to the 4th millennium bc. At present, a gap exists in the knowledge of cup marks and non-figurative art in general during the Younger Neolithic (YN) Corded Ware Culture (CWC) (c. 2800–2250 bc). This paper establishes the significance of three related types of secondary treatments of battle axe fragments, namely the addition of (hourglass shaped) unfinished shaft holes, deep pecking holes, and shallow cup marks. The argument put forward is that they were present in small numbers in the 4th millennium bc, becoming increasingly common during the proposed ‘gap phase’ in the context of CWC societies. The late 3rd millennium is a period of enormous social change. During this period, of the three types of secondary treatment only cup marks persist, while the potential media on which such cup marks are applied diversifies, with them appearing on objects and items other than battle axe fragments. It is proposed that this development is related to the social changes that characterise the onset of the LN. Finally, it is suggested that the LN and Bronze Age cup mark tradition is based on an earlier tradition initially associated with battle axes.

In recent years, many countries have significantly increased military spending, mainly due to geopolitical instability in several regions and the potential risk of armed conflicts spreading worldwide. In this context, understanding the nutritional needs of soldiers in different climates (warm, cold and high altitude) is important and directly impacts the performance and health of soldiers, especially in extreme environments. The amount of liquids, calories, and macro- and micronutrients contained in military rations must be determined considering the type of exercise, duration and environment. Military rations, in addition to being nutritionally adequate, must be practical, sustainable and easy to consume at any temperature and situation. Given these considerations, this study aimed to review scientific knowledge regarding the convenience, sensory attributes and nutritional components of military rations. Furthermore, this review studied the factors influencing soldiers’ appetite, gut microbiota and nutritional needs during training or combat in extreme environments (warm, cold and high altitude). This exploration further advances our understanding of contemporary nutritional strategies for military personnel, contributing to future research and highlighting areas that must be developed.

Recent studies have revalued Hazel Kyrk for her original works on consumption and the critique of neoclassical demand theory. Kyrk’s A Theory of Consumption (1923) opened up new perspectives for understanding the nature of consumption and revalued home economics as a central part of the economist agenda, taking distance from the first generation of home economists. This paper focuses on Kyrk’s post-1923 scientific production and professional activities. Our main purpose is to show her contributions to the quantitative foundations of consumption together with her attempt to feed contemporary research on consumers’ behavior with pragmatism, policy advice, and field knowledge. We selected specific issues: the education of consumers through information and a strategy of “critical consumption”; the analysis of strategic industries; the well-being of American families; and the importance of “invisible” objects (non-market activities) and their statistical processing.

The History of Economics Society (HES) initiated the History of Economics Society Bulletin (HESB) in 1979. Discussed at the 1978 meetings of the HES, the HESB was first conceived of as something “less” than History of Political Economy (HOPE)—i.e., an academic journal with a defined editorial line—but also “more” than just a newsletter for HES members (Caldwell 2021; Vaughn, this issue). Edited by Karen E. Vaughn (1979 to 1983) and William O. Thweatt (1984 to 1989), the HESB began by publishing short notes and abstracts of papers presented at the annual meetings of the HES. Research articles (i.e., peer-reviewed documents) appeared for the first time in 1988 and book reviews in 1989. A year after, the HESB became the Journal of the History of Economic Thought (JHET), a full-fledged society journal under the editorship of Donald Walker (1990 to 1998). First published directly by its editor and the HES, the JHET started producing four yearly issues in 1998 under contract with Carfax as publisher. Carfax was eventually purchased by Taylor & Francis (Medema, this issue), and a new contract was signed with Cambridge University Press, both during Steven Medema’s editorship (1999 to 2008).1

In 2022, the Welsh Government announced a basic income pilot for care leavers in Wales. This article uses this policy experiment to provide an insight into the relationship between devolution and social citizenship. This article makes two claims. First, the basic income pilot is part of an approach the Welsh Government has taken over the past twenty years to expand the idea of social citizenship to include rights to money. This is justified by a principle of progressive universalism, but this principle also has a wider UK context. Second, the financial constraints imposed by the UK Government frustrates the extent to which the Welsh Government can turn such experiments into reality.

The invitation is to discuss my JHET editorship, which ran from 2013 to 2018, in light of the once and future challenges of the journal. After accepting it, I gathered my recollections, perused back issues of the journal, and finally reviewed my correspondence and reports to the HES Executive Committee.

This study aimed (1) to identify distinct family trajectory profiles of destructive interparental conflict and parent-child emotional warmth reported by one parent, and (2) to examine whether these codevelopmental profiles were associated with the longitudinal development of children and adolescents’ self-reported internalizing and externalizing problems. Six longitudinal data waves from the German Family Panel (pairfam) study (Waves 2–7) from 722 parent-child dyads were used (age of children and adolescents in years: M = 10.03, SD = 1.90, range = 8–15; 48.3% girls; 73.3% of parents were native Germans). Data were analyzed using growth mixture and latent growth curve modeling. Two classes, harmonious and conflictual-warm families, were found based on codevelopmental trajectories of interparental conflict and emotional warmth. These family profiles were linked with the development of externalizing problems in children and adolescents but not their internalizing problems. Family dynamics are entangled in complex ways and constantly changing, which appears relevant to children’s behavior problems.

Differences in cultures, religious beliefs, and philosophical views suggest that leadership ethics may vary between Western and Eastern perspectives. However, ethical leadership scales are mostly rooted in Western conceptualization. This systematic review explores the cultural contributions, philosophical perspectives, and underlying theories shaping the measures of ethical leadership. A comprehensive search across Scopus, Web of Science, ProQuest Management, and Emerald Insight from 1990 to 2021 yielded over 3900 articles, with only 15 focusing on an Eastern conceptualization of ethical leadership. Findings reveal that Eastern ethical leadership encompasses unique dimensions, including leaders’ responsibility and concern for long-term sustainability, often overlooked in existing measures. Despite some similarities in virtues and values between Eastern and Western philosophical views, past studies predominantly employed Western theoretical perspectives to explain ethical leadership. This review highlights the imperative for measures that authentically capture Eastern cultural distinctions, crucial for advancing ethical leadership research amid the East’s increasing global influence.