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ISET Economist Blog

A blog about economics in the South Caucasus.
Nov
23

Math Education – an Engine of Economic Growth in the 21st Century

  MATH EDUCATION AND GROWTH: RECENT EVIDENCE Mathematical literacy has always been a key factor in improving a country’s productivity and competitiveness. Stanford University’s Eric Hanushek has shown that there is a positive relationship between students’ performance in mathematics tests and economic growth. This is not at all surprising. Proficiency in math implies a high-level of cognitive skills among the labour force, in other words a high quality of human capital, which leads to technological innovation and productivity gains. Another more re...
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Guest — Archil
Givi, Good review! I do agree with you that we need to prioritize mathematics; There is a myth in the west that Georgians are good... Read More
Friday, 23 November 2012 8:08 PM
Guest — Maka
Nice post and interesting relationship. I hope new government will joint PISA again and we will be able to monitor changes in Geor... Read More
Friday, 23 November 2012 8:08 PM
Guest — Michael
How do you control for endogeneity in these kinds of studies?
Friday, 23 November 2012 10:10 PM
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Nov
12

Price Stability: the Lull before the Storm?

During the past 18 months, Georgian consumers have been enjoying an unprecedented period of price stability. Ever since May 2011, when inflation peaked given the state of frenzy in the global commodity markets, inflation has literally come to a halt: since early 2012, monthly inflation rates are fluctuating around the zero trend. In fact, Consumer Price Index (CPI) is slightly lower today (153) than in January 2012 (153.8), and only 0.1% higher than in October 2011 (152.8). THE STORM IS COMING! A spate of worrisome news is hitting the Georgian media sin...
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Guest — Florian
Highly interesting analysis of the problems facing Georgia under the new government. Indeed, one problem of the democratic system ... Read More
Thursday, 15 November 2012 11:11 AM
Guest — Eric
But, Florian, why blame the economists? First, they are all two-handed species (on the one hand, on the other hand, etc.). Second... Read More
Thursday, 15 November 2012 6:06 PM
Guest — Florian
Do economists really have two hands? That's how they seem themselves... but in reality? Paul Krugman - two hands? Nouriel Roubini ... Read More
Friday, 16 November 2012 3:03 PM
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Oct
24

Georgia: The Hub Issue

The new issue of Investor.GE is out, this time focusing on Georgia as the hub for the South Caucasus and Central Asia. This quote from the lead article caught my attention: I am amazed at how many requests I am getting from major multinationals from all industry sectors to speak with them about doing business in Georgia. I am also increasingly seeing multinational companies who are already in the region, looking to change their business model to move many of their activities through Georgia," he said, noting that so far most interest comes fro...
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Guest — Leqso
Hi,Nice article and post, for me as an economist some more statistics could have added more flavor to the article though. Despite ... Read More
Friday, 26 October 2012 11:11 AM
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Oct
19

Small Hydropower Plants: No Competition in a Competitive Marketplace

Economics suggests that competition in a market brings more welfare to a country. Anti-monopoly agencies exist to create policies that limit market dominance and achieve competition. There are, of course, cases when natural monopolies emerge (for example, railways – where no one would build a parallel line to an existing one) and the solution to prevent monopolies in such instances is to regulate the businesses or take them into state ownership. It is, however, difficult, but not impossible, to find an instance when a market is competitive, but where no ...
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Guest — Eric
I don't think this is about competition or lack thereof. The puzzle is that small HPPs are free to sell directly to customers, cut... Read More
Friday, 19 October 2012 6:06 PM
Guest — Irakli
That’s why only allowing trade (by law) is not enough. Even though they are allowed to trade and market is competitive we do not s... Read More
Friday, 19 October 2012 11:11 PM
Guest — Michael
Admittedly I don't know anything about electricity markets, but maybe what ESCO does is to pool the risk. For consumer the risk th... Read More
Friday, 19 October 2012 8:08 PM
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