Coordination Is Almost Always The Key
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On November 22, President of ISET and ISET-PI, Mr. Eric Livny gave an insightful presentation to the very first cohort of ISET BA Program students, regarding the importance and perks of coordination.
Mr. Livny opened his speech with a famous quote by Adam Smith, and then discussed whether it is always enough for the match of Supply and Demand that “it is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest”. Mr Livny stressed that “chicken and egg” problems frequently hinder the process of metaphorically delivering a dinner to a consumer’s table from the butcher due to a lack of coordination between the two; this is keenly felt in economics, and Mr. Livny explained the necessity for the World Bank to develop well-organized and managed Value Chains in Georgia.
ISET students visit State Audit Office, reunite with alumnus
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On November 21, around 30 ISET students visited the State Audit Office for educational purposes. Two state auditors (one of whom was a graduate of ISET) gave a series of lectures to the visitors, which was initially intended to be conducted in English, but eventually done in Georgian due to the absence of international students.
First, the students were introduced to the principles of auditing, specifically how it works and what its purpose is. Thereafter, the Office’s budget monitoring system shown to the visitors, and its capabilities were demonstrated by the auditors. The most thought-provoking part of the lecture was about government debt and its thresholds, but the students were particularly interested in auditors’ salaries, although a clear answer was not given.
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