The FINANCIAL -- A few weeks ago, the Israeli ambassador His Excellency Yuval Fuchs delivered a speech at ISET, explaining the amazing transformation of Israel from what essentially was an agricultural state into what many economists call a knowledge economy.

The FINANCIAL -- Imagine arriving at a provincial airport in an unnamed Central Asian country. You leave the terminal and go straight to row of waiting taxis. In your Lonely Planet you read that you should pay about $10 for what is a short taxi ride to the city center. You ask the first taxi driver and are quoted a fantasy price of $50. You try to bargain, to no avail. You go to the next taxi, and once again you are quoted $50. You finally go to the third taxi, and lo and behold, it’s the same price, $50. And you don’t even try to bargain anymore…

The FINANCIAL -- After two years, long time columnist Frank Klobucar is leaving Georgia and he will no longer be contributing to this premier newspaper. I want to use this opportunity to thank him for his hard work in bringing readers up to date through numbers and offering his unique perspectives on Georgia. Of course I am also grateful for the continued professional collaboration with the Financial.

The FINANCIAL -- According to a rumor circulating among economists, there exists an econometric study which shows that the economy of a nation is doing worse the more great economists it produces. While this may be a myth, casual observation suggests that the correlation between the economic performance of a country and the quality of its economics profession is indeed unclear.

The FINANCIAL -- Investing in renewable energy is becoming more and more popular in Georgia following the adoption of the Decree of the Government of Georgia (GOG) on renewable energy development in April 2008.

The FINANCIAL -- Last week, we argued that political decision makers have a tendency to overregulate a society, as new laws, even useless or harmful ones, create the impression that politicians are addressing problems in a society.

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