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According to data provided by the Food and Agriculture Organization of the United Nations (FAO), in the last five years, there were two hikes in global food prices.
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Georgia is among a few countries in the world that do not have a deposit insurance system in place. Does the country need to have such a system? Or is deposit insurance likely to do more harm than good? The answer is not as clear-cut as it may seem.
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In 1993 Joel Waldfogel published a paper “The Deadweight Loss of Christmas” in which he declared that the tradition of gift-giving causes economic losses for society because recipients generally value the items they receive as gifts less than the price that was paid by the givers.
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Is inequality bad for economic development? There has been a lively debate on this issue. Some economists argue that inequality is necessary for economic growth, while others are against it.
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Wages and productivity levels differ across countries. For instance, in 2011 the average yearly income in the US was about $53 000, whilst the same indicator was $250 in Madagascar.