It’s Friday – so it’s time for a new portion of interesting links from around the world of EconoBlogs.
1. Our already regular contributor Michael Fuenfzig informs us that TEDx talks at Tbilisi State University are now available on Youtube. Interesting and important news for anyone who knows what TED is. And if you don’t – a good opportunity to start. 2. Brad DeLong has an interesting post on how far the US Treasury borrowing could go, before it actually becomes harmful for the economy. The answer, conditional on the present economic conditio...
ISET Economist Blog
A blog about economics in the South Caucasus.
Mar
16
Mar
14
Recently the Georgian government started a campaign for attracting foreign capital to the country. A whole page ad (pictured above) runs on one of the first pages in the print edition of The Economist for already a month. Capital is a necessary requirement for development. But there are few types of it. And one of them is especially important. This is venture capital.
Venture capital comprises financial resources that are invested in startups. Startups, by definition, are small enterprises. They have larger potential for growth, therefore returns, in cas...
Mar
13
I know. I know that I know. For as long as human race existed, knowledge embodied power. In the life of a society, however, what becomes even more important is the fact that we share certain knowledge with fellow human beings, and that we, moreover, are aware of each other’s knowledge. This special type of awareness is termed common knowledge: I know that you know that I know that you know - and so on to infinity.
In theory, common knowledge is surprisingly hard to achieve. One of the classic examples is the Coordinated Attack Problem, where two armies n...
Mar
10
We all know how inventive (and sometimes devious) the human mind can be in inventing different kinds of mediums of exchange – which we simply call money. Everybody has heard of cigarettes or cowrie shells, used by people in different economic situations as a replacement for all so familiar gold coins or Ben Franklin portraits in green. And everyone who has read an intermediate macro book by Gregory N. Mankiw must remember the fascinating story of 12-feet stone wheels used as the currency on the mysterious Island of Yap (Image 1). However, it appears that...
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