The FINANCIAL -- Economy

The FINANCIAL -- In Central Europe, vocational and educational training (VET) has a tradition that reaches back to medieval times. To become, say, a baker in 14th century Germany, one had to go through an apprenticeship of two years, working and learning in an existing bakery, where one was guided and supervised by a meister (master craftsman). The apprenticeship was standardized and – if successful – ended with the conferment of a certificate and admission to the baker’s guild. 

The FINANCIAL -- Early next month, the eyes of the world will briefly turn to Switzerland. On June 5th, the citizens of this prosperous country will vote in an unprecedented referendum on the idea of guaranteeing each citizen a basic income equivalent to roughly 30,000 USD per year.

The FINANCIAL -- In May 2016, the average cost of cooking one standard Imeretian khachapuri declined to 3.08 GEL, which is 2.7% lower month-on-month (that is compared to April 2016), but 7% higher year-on-year (compared to May 2015).

The FINANCIAL -- 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.