ჟურნალი ეკონომისტი

Journal number 1 ∘ Malkhaz Chikobava ∘ Nazira Kakulia ∘ Manana Lobzhanidze ∘ Tea Lazarashvili ∘ Irma Tkemaladze ∘

Opportunities for creating decent jobs in accordance with the concept of guaranteed employment of Modern Monetary Theory

DOI: 10.52340/ekonomisti.2026.01.01 Introduction Modern Monetary Theory (MMT) is a system of thought developed 25 years ago by a group of American and Australian economists, primarily university professors. The main impetus for the development and popularization of MMT was the need to create a scientific framework for overcoming problems facing the American economy, such as the accumulation of enormous public debt, chronic budget deficits, and high unemployment. This theory offers a very original and universal solution to these problems. MMT originated in the research of Warren Mosler and Stephanie Kelton and was further developed by a large group of researchers. MMT denies the fundamental principles of the modern monetary system. Its popularity is rapidly growing in political circles, universities, and among financial analysts. The theory is actively promoted by economists who advise the US Congress. The publication of the textbook "Macroeconomics" by its active proponents -
2026-03-24

Journal number 1 ∘ Murman Tsartsidze ∘

Labor Market challenges in Georgia in the context of digital transformation of the economy and the implementation of decent labor standards

DOI: 10.52340/ekonomisti.2026.01.02 Expanded summary In the context of ongoing globalization and European integration, special attention is being paid worldwide to the realization of the concept of improving "decent work and quality of life." This issue is particularly relevant for Georgia, where overcoming poverty and mass, chronic unemployment remains a serious challenge. Although in the country has made some positive changes in terms of economic development in recent years, the above problems have not been overcome. In the context of the digital transformation of the economy, the introduction of decent labor standards and the formation of a flexible labor market are of particular importance for these purposes. This one ensures the optimal realization of the interests of the subjects of social and labor relations and their integration into this completely new digital space. Analysis of the research shows that under the conditions of ongoing European integration and digital
2026-03-24

Journal number 1 ∘ Zurab Garakanidze ∘

On the calculation of the food availability (agflation) index

DOI: 10.52340/ekonomisti.2026.01.03 Expanded Summary Food crises are a natural process for the entire biosphere, as well as for the humanity living in it. Periods of famine and subsequent crises (political and social) throughout history are quite common. The development of global governance institutions and the understanding of the complexity and importance of food security problems for the world population have contributed to the development of the concept of "food security" and its widespread use. The start of these processes, in turn, was stimulated by a series of grain crises that took place in the 1970s. These processes have exposed the gap between the level of food supply in developed countries and the so-called. Among the "Third World" countries. To overcome these difficulties, the Food and Agriculture Organization of the United Nations (FAO) developed the Global Concept of Food Security in 1974. It was presented at the FAO Food Conference in Rome. According
2026-03-24

Journal number 1 ∘ Tengiz Verulava ∘

Friedrich Hayeks "The Constitution of Liberty": Freedom, Justice, and Inequality

DOI: 10.52340/ekonomisti.2026.01.04 Expanded Summary This study examines the core concepts of Friedrich A. Hayeks political and social philosophy as articulated in The Constitution of Liberty (1960), with particular emphasis on individual freedom, responsibility, legal order, equality, inequality, and social progress. The central argument of the paper is that Hayeks liberal theory offers a coherent and distinctive account of freedom not merely as a moral ideal, but as an indispensable institutional and evolutionary condition for the development of civilization. Hayeks conception of freedom is grounded in the absence of arbitrary coercion by other individuals or by the state. Freedom, in this sense, does not imply the absence of all constraints, but rather the existence of a protected private sphere within which individuals may pursue their own life plans, provided they do not infringe upon the equal freedom of others. This understanding of liberty is inseparable from
2026-03-24

Journal number 1 ∘ Merab Khokhobaia ∘ Valeri Arghutashvili ∘

Strategic Transformation of a Tourist Destination: Theories and Concepts

DOI: 10.52340/ekonomisti.2026.01.05 Expanded Summary The involvement of interest groups in the development of a tourist destination can significantly accelerate its transformation. To implement these changes effectively, it is essential to adopt certain conceptual approaches. From a governance perspective, one of the key challenges today is ensuring that interest groups are engaged in the decision-making process. Evidence suggests that centralized approaches often create contradictions and complicate the implementation of changes. The qualitative characteristics of tourism and tourist destinations are complex. Therefore, it is essential to develop mechanisms that enable meaningful participation from various interest groups in processes that go beyond mere symbolism. This article examines the mechanisms involved in transforming tourist destinations and analyzes different theoretical and conceptual approaches. Transformation in modern research necessitates a thorough analysis of
2026-03-24

Journal number 1 ∘ Lali Chagelishvili-Agladze ∘ Vasil Kikutade ∘ Tamta Lekishvili ∘

Global Challenges and Educational Market Development Trends in Georgia

DOI: 10.52340/ekonomisti.2026.01.06 Annotacion. Education holds a central role in the Sustainable Development Goals adopted by UN, where the fourth Goal – Quality Education – is directly linked to poverty reduction, good health and well-being, decent work and economic growth, as well as the reduction of inequality. In today’s global context, education functions as the driving force of competitiveness, while educational institutions bear the responsibility of delivering high-quality human capital that meets labor market demands. These institutions must align with national policies in order to promote socio-economic development and ensure the country’s long-term sustainability. The purpose of this research is to identify the key factors influencing the dynamics of Georgia’s education and labor markets, to reveal weaknesses in higher education institutions, and to outline strategies for their improvement. Based on empirical research, the
2026-03-24

Journal number 1 ∘ Giorgi Kepuladze ∘ Tamila Arnania-Kepuladze ∘

From Keynesianism to Monetarism: Japanese Monetarism in the Second Half of the 20th Century

DOI: 10.52340/ekonomisti.2026.01.07 Expanded Summary The global structural crises in the 1970s sparked a widespread debate about the ineffectiveness of traditional fiscal policy. It was during this period that significant changes began to occur in the Japanese financial system, and Japanese economic science shifted toward monetarism. In the second half of the 20th century, Japanese monetarism was a specific adaptation of the global monetary school’s ideas to Japan\\\'s socio-economic and institutional conditions. Unlike “classical” monetarism, which is mainly associated with the works of Milton Friedman and the ideas of the Chicago School, the Japanese version of monetarism developed in close connection with the post-war transformation of the national economy, industrialisation and subsequent structural changes in Japan. Monetarism in Japan is characterised not by a mechanical transfer of Western theories to Japanese soil, but by their reinterpretation that takes
2026-03-24

Journal number 1 ∘ Mikhail Dundua ∘ Maya Gonashvili ∘

Macroprudential Regulatory Governance in the Georgian Banking and Financial Sector

DOI: 10.52340/ekonomisti.2026.01.08 Expanded Summary The paper presents decisions regarding macro prudential governance in the banking sector based on documents, policies, and strategies adopted by the International Monetary Fund (IMF), the National Bank of Georgia, the Basel Committee, and others. Due to ongoing global financial crises, it became essential to develop a policy and governance system within the banking sector that minimizes risks and ensures the stability of the financial environment. Discussions on these issues began in the 20th century with the development of initial frameworks, moving into a more active phase in the 21st century. The article discusses and analyzes numerical data both in general and in relation to three specific Systemically Important Banks (SIBs) identified by the National Bank: JSC "TBC Bank," JSC "Bank of Georgia," and JSC "Liberty Bank." It further provides an analysis of the additional capital surcharges (buffers) required for these
2026-03-24

Journal number 1 ∘ Aytakin Gasan Akhundova ∘

INVESTMENT POLICY OF AZERBAIJAN AT THE PRESENT STAGE AND ITS IMPACT ON ECONOMIC GROWTH

DOI kodi: 10.52340/ekonomisti.2026.01.09 Expanded Summary Investments are widely regarded by economists as a key driver of economic development, innovation, and structural transformation. The primary objective of any investment activity is the generation of income and economic returns, whether through capital allocation to industry, infrastructure, or human capital. Over the period of independence, Azerbaijan has established a comprehensive system of state regulation of investment processes, incorporating both legal and institutional instruments. The legislative framework governing investment activities has been consistently expanded and refined: over the past decades, the Milli Majlis of the Republic of Azerbaijan has adopted more than 400 regulatory legal acts, more than 100 of which directly regulate various aspects of investment activity. Since the early years of independence, Azerbaijan has actively cooperated with leading international financial institutions, including the
2026-03-24

Journal number 1 ∘ Arzu Shabanova ∘

DOUBLE FARMING METHOD TO INCREASE RESILIENCE AND REDUCE RISKS IN AGRICULTURE IN AZERBAIJAN

DOI: 10.52340/ekonomisti.2026.01.10 Expanded Summary The article is devoted to the scientific and economic substantiation of the possibilities for applying the “double cropping method” in order to increase sustainability, enhance production efficiency, and reduce risks in Azerbaijan’s agriculture. It is shown that Azerbaijan’s natural and climatic conditions allow obtaining two harvests from the same land plot within one agricultural year in many regions. This, in turn, leads to the intensification of agricultural production and more efficient use of land and water resources. The application of this method is not limited solely to increasing productivity; at the same time, it is significant in terms of diversifying risks, stabilizing incomes, and strengthening the resilience of agricultural producers against climatic and market fluctuations. In cases where the first crop is lost, the second crop can compensate for farmers’ income losses. Within the
2026-03-24

Journal number 1 ∘ Ketevan Kveladze ∘ Nunu Kistauri ∘ Medea Melashvili ∘

THE ROLE OF THE EUROPEAN UNION IN THE DEVELOPMENT OF THE "BLUE" ECONOMY

DOI: 10.52340/ekonomisti.2026.01.11 Extensive Summary The worlds oceans, seas and water resources are vital carriers, providing shelter and food for billions of people. The energy of water flows has been used by mankind since ancient times. In ancient Greece, in the 1st century BC, the Greeks used a water wheel to grind wheat. The ocean provides people with extraordinary opportunities and resources. The worlds oceans are an important sector of economic development, because it is not only a source of water reserves and resources: the ocean floor is covered with a variety of plants and other living organisms and contains unique minerals, but thousands of kilometers of cables and other communication infrastructure are laid through the seas and oceans. 95% of telecommunications in the world are provided by submarine cables. In addition, more than 30% of the worlds oil and gas production occurs offshore. The worlds oceans represent a potentially profitable and very important segment of
2026-03-24

Journal number 1 ∘ Giorgi Nikuradze ∘

AI as an auxiliary tool for economic policy instruments

DOI: 10.52340/ekonomisti.2026.01.12 Extended Abstract This paper examines the role and significance of Artificial Intelligence (AI) in the design and implementation of contemporary economic policy. The primary objective of the study is to demonstrate that AI should no longer be regarded merely as a technological innovation or auxiliary digital tool, but rather as a systemic and strategic component of modern economic policy instruments. The analysis is grounded in the theoretical evolution of economic policy frameworks, public administration models, and the concept of Evidence-Based Policymaking (EBPM), which increasingly relies on data quality, analytical capacity, and predictive accuracy. The theoretical discussion highlights the transition from traditional bureaucratic governance models to hybrid frameworks that integrate principles of New Public Management and New Public Governance. These transformations have rendered economic policymaking more complex, multi-actor-oriented, and
2026-03-24

Journal number 1 ∘ Ana Chkhikvadze ∘

Alternative Financing through FinTech Platforms: Financial Development of Small and Medium-Sized Enterprises in Georgia

This research was supported by the Shota Rustaveli National Science Foundation of Georgia under Grant No. PHDF24-1261. DOI: 10.52340/ekonomisti.2026.01.13 Expanded Summary Access to finance remains one of the main constraints on the development of small and medium-sized enterprises, particularly in economies where traditional bank lending constitutes the primary source of external financing. In recent years, FinTech platforms have expanded the landscape of alternative finance by introducing mechanisms that simplify financial intermediation, reduce operational costs, and accelerate access to funding. The purpose of this paper is to assess the role of alternative financing through FinTech platforms in the process of financial development of small and medium-sized enterprises, by identifying the mechanisms through which FinTech solutions influence access to finance, liquidity management, and growth opportunities. The study is based on a systematic review of academic literature and
2026-03-24

Journal number 1 ∘ Giorgi Sutidze ∘

Economic Effects of Digital Transformation in Georgia: Infrastructure, Business, and Human Capital

DOI: 10.52340/ekonomisti.2026.01.14 Expanded Summary Digital transformation has become one of the most important factors of modern economic development and determines the long-term development of countries. The introduction of information and communication technologies (ICT) significantly changes production processes, business models and the structure of the labor market. This process contributes to the emergence of innovative services and the creation of new jobs. The integration of digital processes creates the need for new dynamics of business and the economy, which requires the flexibility of organizations, innovative thinking and the continuous development of human capital (OECD, 2023). Georgia, as a country with a developing economy, has the opportunity to ensure the development of technological infrastructure, digitalization of business and improvement of the quality of human capital against the background of these processes. As international studies show, the development of
2026-03-24

Journal number 1 ∘ Nino Kopaliani ∘

Institutional Mediation and Financial Decision-Making in the Implementation of Innovation Strategies: A Comparative Analysis

DOI: 10.52340/ekonomisti.2026.01.15 Expanded Summary Innovation is the key driver of economic growth, long-term development and sustainability. For emerging economies, fostering innovation is notably challenging due to institutional, organizational and financial risks. Unlike developed countries, where access to venture capital markets and innovation support systems are well established, developing economies face volatile macroeconomic conditions that influence innovation outcomes and technology commercialization process. The relationship between financial decisions and innovative processes remains context-dependent. Therefore, this paper integrates the concepts of corporate finances, innovation management and institutional economics to demonstrate the link between finances and innovation mediated by institutional quality, governance and cultural settings towards risk and uncertainty. Theoretical review reveals that in developing economies financial decision-making is a
2026-03-24

Journal number 1 ∘ Tariel Elashvili ∘

Improving Human Capital Quality Through Simulation-Based Learning: A Quasi-Experimental Study in Georgia

DOI: 10.52340/ekonomisti.2026.01.16 Annotation. This quasi-experimental study (N = 36 master\\'s students) evaluated simulation-based learnings effectiveness in developing strategic management competencies compared to traditional lectures, and examined how facilitation style moderates this effectiveness. Four groups were compared: traditional lectures (control), and Capstone 2.0 simulation with three facilitation approaches—directive (explicit guidance), reflective (Socratic questioning), and engagement (gamification). Competencies were assessed at pretest, post-test, and four-month follow-up. One-way ANOVA revealed a large main effect (F(3,32) = 12.607, p < .001, η² = .542). Facilitation style critically moderated outcomes: engagement produced very large effects (Cohen\\'s d = 2.79), reflective showed large effects (d = 1.48), while directive demonstrated only moderate, non-significant effects (d = 0.59, p = .645)—statistically indistinguishable from
2026-03-24

Journal number 1 ∘ Tinatin Gogolishvili ∘

Innovative Approaches to Management in Modern Tourism

DOI: 10.52340/ekonomisti.2026.01.17 The specific nature of the tourism industry and its products compels business entities within the sector to maintain rigorous oversight of rapidly growing and volatile market trends. These include shifting consumer demands, technological advancements, and innovations in process management aimed at enhancing production efficiency. Shifting various management aspects or the overall leadership style provides a company with a competitive advantage. Therefore, this research demonstrates the importance of an innovative management style for a companys long-term effectiveness. The key hypothesis asserts that companies constantly updating their management approaches incur higher production costs in the short term, yet they reach the minimum efficient scale of production sooner and sustain the constant effect of scale for a longer duration. The modern academic community emphasizes the connection between management innovations, technological advancements,
2026-03-24

Journal number 1 ∘ Nikoloz Kilasonia ∘

Dynamics of Healthcare Workforce and Service Demand in Georgia: An Analysis of Structural Imbalance

DOI: 10.52340/ekonomisti.2026.01.18 Expanded Summary The sustainable functioning of a healthcare system largely depends on the balance between the availability of professional human resources and the dynamics of demand for medical services. When the demand for healthcare services grows faster than the professional workforce, the system begins to operate under increased workload and organizational pressure. This issue is particularly relevant in transitional economies, where healthcare labor markets are often characterized by uneven resource distribution and limited growth of professional personnel. This study analyzes the dynamics of healthcare workforce and medical service demand in Georgia during the period 2018–2024. The research is based on descriptive and comparative dynamic analysis of official statistical data obtained from the National Statistics Office of Georgia (GeoStat) and international healthcare databases. The aim of the study is to evaluate quantitative
2026-03-24

Journal number 1 ∘ Nino Zautasvili ∘

Hybrid work environment and employee well being

DOI: 10.52340/ekonomisti.2026.01.19 Expanded Summary The paper discusses remote and hybrid work environments in modern organizations, as the transformation of work models has emerged as a significant area of research. Naturally, the rapid development of digital technologies, the widespread availability of the internet, and the processes of globalization have fundamentally altered the work environment and organizational structures. Today, the workday is no longer tied solely to a physical office; it is increasingly connected to online platforms, remote communication, and flexible work schedules. The article examines the new opportunities for organizations arising from these changes, which have, in turn, inevitably created new challenges regarding the work environment. The transformation of work models has become one of the central research topics in modern organizations. Rapid technological development, the widespread use of the internet and globalization have significantly reshaped
2026-03-24

Journal number 1 ∘ Giorgi Paresishvili ∘

Capital Market Development in Post-Soviet context: A Theoretical Framework

DOI: 10.52340/ekonomisti.2026.01.20 Annotation. This paper analyzes classical, neoclassical, behavioral, and adaptive theories of capital market development in the post-Soviet context and proposes an integrated framework. The framework interprets historical market evolution, links theories to stage-specific challenges and constraints, and highlights practical applications for investment, policy, and risk management decisions in post-Soviet economies. Key words: capital market, market evolution, theoretical foundation of market development, post-Soviet economies. Introduction The theoretical foundation of capital market development comprises a complex system of economic and financial theories that explain market functioning, principles of efficiency, and the market’s role in economic development (OECD, 2023). In the post-Soviet space, the development of capital markets faces particular challenges, related to the rapid transition from centrally planned economies, the
2026-03-24

Journal number 1 ∘ Lana Ebralidze ∘

Indices and Development of the Business Environment: The Case of Georgia

DOI: 10.52340/ekonomisti.2026.01.21 Expanded Summary The article examines the impact of a countrys economic standing on the development of its business environment. In this regard, we characterize and analyze specific indices and Georgian data points that, in our assessment, serve as primary determinants of the business climate. At the contemporary stage, significant scholarly and practical emphasis is placed on investigating the business ecosystem and the systemic influence of national conditions upon it. Consequently, a comprehensive analysis of the business environment is conducted, entailing the study of all internal and external factors that critically influence a companys operational functioning, growth trajectory, and long-term viability. Keywords: Business Environment, Economic Indices, Sustainable Development, Georgia, data Analysis This research explores the critical relationship between national performance indices and the evolution of the business
2026-03-24

Journal number 1 ∘ Tatia Sutidze ∘

Geoeconomic Transformation of the Black Sea Region and Its Impact on Georgias Economic Positioning

DOI: 10.52340/ekonomisti.2026.01.22 Expanded Summary The article examines the key trends in the geoeconomic transformation of the Black Sea region and their impact on Georgias economic positioning within the regional and global context. Geoeconomic changes related to global economic processes, regional integration, the transformation of transit routes, and energy security have a significant influence on Georgias development prospects. The study is based on theoretical approaches to geoeconomic analysis and regional economic analysis. Particular attention is paid to assessing Georgias transit function, logistics potential, and economic competitiveness within the geoeconomic environment of the Black Sea region. The article identifies the main opportunities and challenges that shape Georgias economic role in the region and its strategic importance in international economic relations. The Black Sea region constitutes a significant geostrategic space that serves as a connecting link
2026-03-24

Journal number 1 ∘ Ayan Mirzayeva ∘

Factors Affecting the Formation of Revenues in the Tourism Sector: An Econometric Analysis Based on the Case of Azerbaijan

DOI: 10.52340/ekonomisti.2026.01.23 Expanded Summary The article examines the impact of investments in the tourism sector of the Republic of Azerbaijan on the dynamics of inbound tourism and the economic performance of the industry. The main objective of the study is to quantitatively determine the extent to which capital investments in infrastructure, marketing, and tourism promotion influence tourist arrivals and enterprise revenues. The analysis employs modern econometric methods, including regression models with time dummy variables, allowing for the consideration of extraordinary factors such as the COVID-19 pandemic. The results indicate that increased investment directly stimulates the growth of tourist flows and industry revenues, while the crisis period caused by the pandemic led to a 34% decline in the TMG/UDM indicator, demonstrating the sectors high sensitivity to external shocks. The study confirms that strategic capital investment is a key tool for enhancing the
2026-03-24

Journal number 1 ∘ Giorgi Miqeladze ∘ Mariam Okruashvili ∘ Ana Varamashvi ∘

Educational Participation and Foundational Learning Skills of Children and Adolescents in Georgia

10.52340/ekonomisti.2026.01.24 Expanded summary Educational participation plays a central role in shaping childrens academic trajectories and broader developmental outcomes. While access to schooling is a necessary condition for educational attainment, sustained participation across educational stages and the acquisition of foundational learning skills are equally important for ensuring meaningful learning. This study examines patterns of educational participation among children and adolescents in Georgia and explores their relationship with foundational learning skills, with particular attention to attendance, completion, school exclusion, and early learning outcomes. The analysis draws on data from the Statistical Survey on Functioning and Foundational Learning Skills of Children Living in Georgian Households (FFLS 2024), a nationally representative household survey conducted in 2024. The survey employs internationally recognized measurement frameworks, including the Washington
2026-03-24