Please have a look at the above photo of the beautiful Kura River with the Sameba Cathedral in the background. Now, contemplate the picture for another 10 seconds and ask whether something suspicious is part of the scenario. Have you recognized it? Right, there are no rescue ladders at the waterside edges. If someone falls into the water, there is no way to get out again. The picture shows just a cutout of the view, but when standing on Saarbrucken Bridge, looking down at the river, you will see no possibilities to get out of the water anywhere! About 30...
ISET Economist Blog
A blog about economics in the South Caucasus.
Jan
26
Dec
14
Classical production theory knows three so called “production factors”: labor, capital, and land. One needs a certain amount of each of these factors in order to set up a production of whatever good. Then, in the 20th century, it became common to not count land as a separate production factor anymore. Today, we usually speak about labor and capital, with the understanding that some of the capital is the land on which the production facilities are built.
On the surface, this looks just like a pure change in terminology. Yet in fact it reflects an und...
Dec
02
Recently, I attended a show by the famous Erisioni dancing group, which was performing in Georgia for the first time after two years of constant traveling abroad. The Georgian dancers in traditional costumes were sensational, but as an economist, a minor incident caught my attention nearly as much as the Erisioni ensemble. At the entrance, I was given a pamphlet which featured, on the back page, one of the most remarkable advertisements I had ever seen. A company called Magticom announced to be the first Georgian firm to have paid taxes to the ...
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