Understanding the decay of stone-built heritage

The problem of the decay and conservation of stone-built heritage is a complex one, requiring input across many disciplines to identify appropriate remedial steps and management strategies. Over the past few decades, earth scientists have brought a unique perspective to this challenging area, drawing on traditions and knowledge obtained from research into landscape development and the natural environment. This paper reviews the crucial themes that have arisen particularly, although not exclusively, from the work of physical geographers — themes that have sought to correct common misconceptions held by the public, as well as those directly engaged in construction and conservation, regarding the nature, causes and controls of building stone decay. It also looks to the future, suggesting how the behaviour of building stones (and hence the work of stone decay scientists) might alter in response to the looming challenge of climate change.

Dispelling the Myth of the Naive Investor during the British Railway Mania, 1845–46

Anecdotal evidence from the British Railway Mania and other historical financial bubbles suggests that many investors during such episodes are naive, thus contributing to the asset price boom. Using extensive investor records, we find that very few investors during the Railway Mania can be categorized as such. Although some interpretations of the Mania suggest that naive investors were expropriated by railway insiders, our evidence is inconsistent with this view as railway insiders contributed substantial amounts of capital, and their investments performed no better than those made by other experienced investors.