On the 15th of March 1962, President John F. Kennedy delivered a seminal speech to the congress, outlining the four rights that he considered essential for consumers: the right to safety, the right to be informed, the right to choose, and the right to be heard. Ever since Kennedy’s speech, the idea of consumer protection blossomed both in theory and in practice. In this year, 52 years after Kennedy’s speech, Georgia will pass a new law on the protection of consumer rights. Let us have a look at consumer protection in general, in Georgia, and at the ...
ISET Economist Blog
A blog about economics in the South Caucasus.
Mar
07
Mar
03
On the 14th of February, the Ministry of Economy and Sustainable Development of Georgia published the draft version of the Socio-economic Development Strategy 2020 (SDS). This comprehensive document identifies the main socio-economic challenges Georgia will be facing in the next years and presents a strategy how to cope with them. The overall goal is to achieve sustainable and inclusive growth until the end of this decade.
The spirit of the document very much reflects the principles of the new government. There is no belief in the self-regulatory power o...
Feb
28
Assuring access to modern energy services for the whole population is a crucial step to improve human well-being and stimulate economic and social development. The International Energy Agency (IEA) has identified the lack of access to modern energy services as one of the main obstacles to overcome in order to achieve the UN Millennium Development Goals. In its 2011 World Energy Outlook, the IEA argued forcefully about the need to find and mobilize the resources required to extend access to modern energy services to the poor around the world.
Transition c...
Feb
24
Last week, we argued that political decision makers have a tendency to overregulate a society, as new laws, even useless or harmful ones, create the impression that politicians are addressing problems in a society. Moreover, we outlined the theory of a military historian who claims that the Red Army was an “overregulated army”, explaining the disproportionate death toll of the Red Army in the Second World War. In today’s article, we will first look at the advantages of regulation, and we will then propose a set of tools called “Regulatory Impact Analysis...
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