In my essay on economic development (“What worked”, MESSENGER, July 3/2013) I cited the High-Level Panel of Eminent Persons on “A New Global Partnership” (UN Publications, 2013) that aims at eradicating absolute poverty and transform national economies through sustainable development. Thus, in the chapter on “goals and global impact” the Panel stresses that poverty must be reduced while mitigating global climate change and promoting a “low-carbon trajectory”. The key contributors to achieving this goal are: more sustainable transport infrastructure; impr...
ISET Economist Blog
A blog about economics in the South Caucasus.
May
16
May
12
Speaking with managers of companies operating in Georgia, one frequently hears complaints about a lack of certain specialists in the Georgian labor market. For instance, firms operating in the construction sector are often forced to hire foreign experts, as they do not find sufficiently qualified engineers and architects in Georgia. The shortage is particularly pressing in technical subjects and the sciences.
The mere existence of this problem contradicts conventional economic wisdom. If there are certain qualifications not available in the labor market ...
May
09
In the 15th century, the Kingdom of Georgia started a painful process of disintegration from which it did not recover until the modern era, and ultimately, Georgia’s breakup at the end of the medieval age accounts for the regrettable fact that the country could not maintain its status as an independent nation (Florian Biermann and I discussed the cataclysmic Treaty of Georgievsk in our article about King Erekle II).
George VIII. was the last king to rule a united Georgia for about 20 years, starting from 1446. During this period, the country’s unity was ...
May
05
For a long time Russia was seen as the land of opportunity for foreign investors. The allure of the country with large population, vast natural resources, and more importantly, a large middle class willing to spend money, was irresistible. The burgeoning economy, however, held a few secrets which threatened to derail investors’ hopes.
Last week we started to discuss the ‘bear traps’ or structural inefficiencies built into the economic system in Russia. In particular, the rent management system in the Soviet Union centered around the idea of indirect reso...
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