In a recent NEP-HIS Blog post, Chris Colvin reviews a paper by Mohamed Saleh (Toulouse) which looks at the relationship between socioeconomic status and religion. One of the big debates in this literature is whether religion results in better socioeconomic status or whether socioeconomic status determines religiosity. Saleh's paper looks at the effect of a tax on non-Muslims in Egypt which was imposed from 640 until 1856. He finds that poor Copts converted to Islam to avoid the tax whereas wealthier Copts didn't. This may explain why non-Muslims are traditionally better off than the Muslim majority in Muslim countries today. Saleh's paper is available here.
My colleague and former PhD student Gareth Campbell has created a website about the British Railway Mania - click here . This episode has been described by the Economist as probably the greatest bubble in human history. Gareth's website provides background on the Mania and posits some explanations for the 'bubble'. In his explanation of why the bubble happened, Gareth places a lot of emphasis on investor myopia regarding future dividends and uncalled capital. His study of investors during the episode does not support the view that this episode was fuelled by naive and irrational investors.
