Following the collapse of the Soviet Union, the Georgian nation went through a process of rapid disinvestment and de-industrialization. It was forced to shut down industrial plants, sending scrap metal abroad, and workers into subsistence farming. Hunger has never become an issue thanks to the country’s moderate climate and good soil conditions, yet inequality and associated political pressures rapidly reached catastrophic dimensions, unleashing cycles of violence, undermining the political order, and inhibiting prospects of economic growth.

One of the most fundamental assumptions in mainstream economics is the rationality of humans. Yet, as argued by Timothy A. Pychyl, professor of psychology at Carleton University in Canada, frequently observed procrastinating behavior, i.e. the “needless voluntary delay” (Pychyl), cannot be reconciled with the rational man paradigm.

Having just celebrated its 25th anniversary as an independent state, Georgia remains in a state of revolutionary flux. Just like a box of chocolate, this beautiful country is full of contrasting flavors, never losing the ability to surprise and fascinate at every twist and turn of its history.

On May 14, 2016, ISET will hold Admissions exams in English and Mathematics. Exams will be held simultaneously in Baku, Tbilisi, and Yerevan.

ISET is proud to welcome visiting professor Vojtěch Bartoš to teach an elective course in Development Economics from May 7 to June 25.