When I think about the lack of human capital in Georgian agriculture, I am reminded of the 1997 Georgian movie “The Turtle Doves of Paradise”, directed by Goderdzi Chokheli. In a Soviet village, an ex-priest decides to teach basic knowledge to old peasants. He wants them to learn to read, write, and elementary calculations skills.

Many of us have been lucky to be taught by great teachers, teachers who did not just teach, but inspired and brought out the best in us. Indeed, it is hard to overestimate the impact (positive and negative) of teachers on the children’s minds, their career prospects, and aspirations.

When economists speak about education and human capital, they usually mean formal education. It is provided in schools and universities by formally qualified teachers. These are imparting knowledge that is laid down in curricula, and the result of the learning process is testified by certificates and diplomas conferred to those students who passed exams.

In the very first class on the Principles of Economics, we teach our students how beneficial trade is. We explain that voluntary exchange (trade) increases overall welfare and is mutually beneficial. Economists tend to regard this basic “principle of economics” as an axiom, providing the basis for many other principles of economics and, most importantly, the notion (or fallacy) that “the markets know best”…

On 19 June ISET hosted Jacques Fleury, formerly the CEO of GGMW and currently the CEO of GWS and Director of JSC Château Mukhrani. The format of the meeting was very different from the typical seminars conducted at ISET. Mr. Fleury provided insights into doing business in Georgia since 1997 when he was asked to become the CEO and increase the value of one of Georgia’s most famous intangible assets – the popularity of the mineral water from the springs of the Borjomi valley.