Journal number 3 ∘ Malkhaz Chikobava ∘ Nazira Kakulia ∘

About Modern Monetary Theory

https://doi.org/10.56079/20223/1 In scientific publications on the problems of monetary relations, "modern monetary theory" (MTT) is understood as a system of views formulated in the last two decades by a group of American and Australian economists, mostly university professors. The main stimulus for the development and popularization of the MTT was the need to create a scientific concept for overcoming such problems of the American economy as the accumulation of huge public debt, chronic budget deficits, and high unemployment. The analyzed theory offers a universal solution to these problems. The MTT contains paradoxical conclusions. Nevertheless, it is necessary to study it, in our opinion. The fact is that in the development of the MTT, balance sheet and economic-mathematical methods of analysis were widely used. It was the peculiar interpretation of the results of their application that led the developers of the MTT to extraordinary conclusions. Thus,

Journal number 3 ∘ Gulnazi Erkomaishvili ∘

Economic Policy to Promote Industrial Development in Georgia

https://doi.org/10.56079/20223/2 In connection with the transition to a market economy, the industrial industry inherited from the Soviet economy was almost completely dismantled. In 1990-1994, compared to the Soviet era, the production of industrial products decreased fivefold and the number of jobs fourfold (National Statistical Service of Georgia, 1995). Industrial products became uncompetitive in both domestic and foreign markets. The production of machines, devices, tools, electric machines, vehicles, products of light and partly food industry was stopped. Accordingly, the level of industrial production fell, the specific share of industry in the total domestic product decreased, and industrial ties were dissolved. All this led to the deindustrialization of the country. In 1999, the Ministry of Industry of Georgia developed: the Industrial Concept of Georgia and “Strategic Programs for the Development of Industrial Enterprises of Georgia in

Journal number 3 ∘ Lali Khikhadze ∘

The relevance of using digital and cognitive technologies in small businesses in the conditions of a global pandemic

https://doi.org/10.56079/20223/3 Taking into account the global conjuncture at the modern stage, innovations and cognitive thinking play a key role in the effective development of small and medium-sized businesses. The rapid development of digital technologies and the emergence of diverse digital platforms gave an impetus to the transformation of entrepreneurial behavior and the conduct of entrepreneurial activities from the real to the virtual sphere.A special sector of private business - small and medium enterprises play an important role in the development of the economy and contribute significantly to ensuring sustainable and inclusive economic growth. Small and medium-sized enterprises, with the potential of employment growth and job creation, as well as their contribution to the development and growth of the economy, can be the cornerstone of the economy of any country in the world. The impact of the COVID-19 pandemic on small businesses since Decembe

Journal number 3 ∘ Gunter Hofbauer ∘ Daniel Maier ∘

Literature Analysis About the Impact of the CDO on Company Success

https://doi.org/10.56079/20223/4 The purpose of this article is to identify a potential influence of a Chief Digital Officer (CDO) on company’s success. To do so, the CDO position is analyzed and put in context with existing research regarding upper echelons and consequences of digital activities. The research approach is theoretical and analytical and provides an intensive literature analysis concerning the connecting topics. Firstly, general facts and characteristics of CDOs will be presented. Secondly, the monetary influence of digital activities in former studies will be examined. Thirdly, upper echelon theory and attention-based view theory will be discussed with regard to organizational issues. In a final step, the topics mentioned are put into context with each other. The aim is to prove that the employment of a CDO might be able to influence the financial outcome of a company. As an intermediate finding it can be stated that the CDO Position h

Journal number 3 ∘ Mamuka Khuskivadze ∘ Lia Totladze ∘

Conceptual Aspects of Human Capital Measurement

https://doi.org/10.56079/20223/5 The hyper-competitive global economy of the twenty-first century has become an era of innovation, technology, productivity, new knowledge and skills and focused on sustainable and inclusive growth. Human capital is one of the fundamental factors for ensuring sustainable and inclusive growth. The process of human capital formation is long and is influenced by many factors. Its measurement is one of the actual issues. The article discusses the analysis of both theoretical concepts of human capital measurement, as well as measurement problems. We consider three approaches for human capital measurement: The Cost-Based Approach - measures human capital by looking at the stream of past investments undertaken by individuals, households, employers and governments. The Income-Based Approach - measures human capital by looking at the stream of future earnings that human capital investment generates over the lifetime of a person. The a

Journal number 3 ∘ Demur Sitchinava ∘ Murtaz Maghradze ∘ Rusudan Seturidze ∘

Analysis of the Distribution and Use of the State Scholarship (Case of the Faculty of Economics and Business of TSU)

https://doi.org/10.56079/20223/6 The country's expenditure on education shows the level of social development of the society and the attitude of the state and society towards this process. A society with a high level of education increases highly qualified human capital and accelerates the country's development. Therefore, most countries are trying to increase their spending on education. The main goal of the research is to study the current state of academic performance of scholarship and non-scholarship students at the Faculty of Economics and Business and to determine how qualitatively, effectively and fairly the financial resources allocated by the state for education are used and what is the motivation of scholarship students to study. The article substantiates the theoretical conclusions raised in the published work. The article discusses the issues of funding of educational grants and scholarships by

Journal number 3 ∘ Irma Lang ∘

PESTEL Analysis of the Business Environment of Georgia and the United Stats of America

https://doi.org/10.56079/20223/7 The articlecompares and contrasts the business environment of Georgia and the world's largest economy, the United States of America. PESTEL analysis was used for the political, economic, social, technological, environmental and legal factors that have a significant impact on both country's macro environments. The PESTEL analysis outlines the current trends, priorities, goals and objectives of the two countries. Cooperation between Georgia and the United States of America in the political, economic and cultural spheres has a long history. The United States of America and Georgia each considers the other a strategic ally. The bilateral relations of the countries have undergone qualitative changes. Friendship based on equality and respect for state sovereignty distinguishes the strategic relationship between these two countries. Leading international organizations 2017-2021 reports were used to analyze the factors of the coun

Journal number 3 ∘ Lia Kiladze ∘

An Analysis of the Differences and Similarities between Social Entrepreneurship and Corporate Social Responsibility

https://doi.org/10.56079/20223/8 The presented paper makes the analysis of differences and similarities between social entrepreneurship and corporate social responsibility. It describes the practice of business sector involvement in solving social issues on the example of two different forms of entrepreneurial activity (traditional and social entrepreneurship). The paper reviews in detail the features that characterize social enterprises and responsible businesses, and analyzes the importance of business involvement in solving social issues. The comparison method was used for the study, which focused on the research of social enterprises and corporate social projects. Specifically, social enterprises and social projects implemented by business firms with similar goals in the same geographical zone were selected and compared to each other. The study of the targeted social enterprises reveals that it is entirely possible for a company to achieve commercial and socia

Journal number 3 ∘ Maya Gogokhia ∘

On the Issue of Regulation of the Securities Market

https://doi.org/10.56079/20223/9 Financial market is institutionally represented by the financial system. The segments of the decentralized financial system correspond to the sectors of the financial market. Financial relations are formed outside the financial market - in the form of a public financial system. The structure of the decentralized financial system is the relationship between the banking sector and liquid securities markets. The financial structure as a source of ways and mechanisms of economic development is the subject of discussions. In recent years, there has been an increase in the convergence of sectors of the financial system. The financial structure continues to transform. The principles of regulation are the main basic on which the practical actions of the state to regulate the securities market should be based. In contrast to state regulation of the market as a whole, that is, regulation of macroeconomic pr

Journal number 3 ∘ Mirian Tukhashvili ∘

Population of Kakheti: Dynamics and Ethnic Structure

https://doi.org/10.56079/20223/10 For the development and implementation of a rational demographic policy, it is of great importance to reveal the regularities of the transformation of the number and structure of the population of Georgia. The object of our research is the population of the Kakheti region, which has undergone significant changes over the past centuries. The article discusses the main trends of population size and ethno-structural changes – issues of the ratio of the Georgian population and diasporas of Georgia, annexed by the Russian Empire, the Soviet Republic and the post-Soviet Kakheti region. During the considered period, the specific weight of the diasporas in the entire population continuously increased due to the permanent implementation of the intensive immigration policy in Georgia, which was under imperial rule. The same situation was in the population of the Kakheti region, where the contingent of national minorities increased.

Journal number 3 ∘ Amiran Berdzenishvili ∘ Kakha Ketsbaia ∘

Social Stratification Profile of Contemporary Georgian Society

https://doi.org/10.56079/20223/11 The article deals with the social stratification structure of contemporary Georgia society. Such important issues as the post-Soviet transformation of the stratification structure of Georgian society and the main factors determining its contemporary social profile are discussed from the viewpoint of social sciences. The idea that the social stratification structure of contemporary society is characterized by pathology expressed in the article is argued via analysis of the factual material given in the article. In the article, the above-mentioned problem is analyzed from the theoretical-sociological aspect. The authors admit that Georgian sociological literature is not abundant in the analysis of such problems, therefore works of the Georgian authors in the sphere of economical sciences are used (P. Gugushvili and others). According to the conclusion drawn on thebasis of th

Economics and Business Referential and Reviewed International Scientific-Analytical Journal of Ivane Javakhishvili Tbilisi State University, Faculty of Economics and Business

ISSN 1987-5789 ESSN 2587-5426 doi 10.56079	Journal number 3 ∘ Malkhaz Chikobava ∘ Nazira Kakulia ∘ About Modern Monetary Theory https://doi.org/10.56079/20223/1 In scientific publications on the problems of monetary relations, "modern monetary theory" (MTT) is understood as a system of views formulated in the last two decades by a group of American and Australian economists, mostly university professors. The main stimulus for the development and popularization of the MTT was the need to create a scientific concept for overcoming such problems of the American economy as the accumulation of huge public debt, chronic budget deficits, and high unemployment. The analyzed theory offers a universal solution to these problems. The MTT contains paradoxical conclusions. Nevertheless, it is necessary to study it, in our opinion. The fact is that in the development of the MTT, balance sheet and economic-mathematical methods of analysis were widely used. It was the peculiar interpretation of the results of their application that led the developers of the MTT to extraordinary conclusions. Thus, Journal number 3 ∘ Gulnazi Erkomaishvili ∘ Economic Policy to Promote Industrial Development in Georgia https://doi.org/10.56079/20223/2 In connection with the transition to a market economy, the industrial industry inherited from the Soviet economy was almost completely dismantled. In 1990-1994, compared to the Soviet era, the production of industrial products decreased fivefold and the number of jobs fourfold (National Statistical Service of Georgia, 1995). Industrial products became uncompetitive in both domestic and foreign markets. The production of machines, devices, tools, electric machines, vehicles, products of light and partly food industry was stopped. Accordingly, the level of industrial production fell, the specific share of industry in the total domestic product decreased, and industrial ties were dissolved. All this led to the deindustrialization of the country. In 1999, the Ministry of Industry of Georgia developed: the Industrial Concept of Georgia and “Strategic Programs for the Development of Industrial Enterprises of Georgia in Journal number 3 ∘ Lali Khikhadze ∘ The relevance of using digital and cognitive technologies in small businesses in the conditions of a global pandemic https://doi.org/10.56079/20223/3 Taking into account the global conjuncture at the modern stage, innovations and cognitive thinking play a key role in the effective development of small and medium-sized businesses. The rapid development of digital technologies and the emergence of diverse digital platforms gave an impetus to the transformation of entrepreneurial behavior and the conduct of entrepreneurial activities from the real to the virtual sphere.A special sector of private business - small and medium enterprises play an important role in the development of the economy and contribute significantly to ensuring sustainable and inclusive economic growth. Small and medium-sized enterprises, with the potential of employment growth and job creation, as well as their contribution to the development and growth of the economy, can be the cornerstone of the economy of any country in the world. The impact of the COVID-19 pandemic on small businesses since Decembe Journal number 3 ∘ Gunter Hofbauer ∘ Daniel Maier ∘ Literature Analysis About the Impact of the CDO on Company Success https://doi.org/10.56079/20223/4 The purpose of this article is to identify a potential influence of a Chief Digital Officer (CDO) on company’s success. To do so, the CDO position is analyzed and put in context with existing research regarding upper echelons and consequences of digital activities. The research approach is theoretical and analytical and provides an intensive literature analysis concerning the connecting topics. Firstly, general facts and characteristics of CDOs will be presented. Secondly, the monetary influence of digital activities in former studies will be examined. Thirdly, upper echelon theory and attention-based view theory will be discussed with regard to organizational issues. In a final step, the topics mentioned are put into context with each other. The aim is to prove that the employment of a CDO might be able to influence the financial outcome of a company. As an intermediate finding it can be stated that the CDO Position h Journal number 3 ∘ Mamuka Khuskivadze ∘ Lia Totladze ∘ Conceptual Aspects of Human Capital Measurement https://doi.org/10.56079/20223/5 The hyper-competitive global economy of the twenty-first century has become an era of innovation, technology, productivity, new knowledge and skills and focused on sustainable and inclusive growth. Human capital is one of the fundamental factors for ensuring sustainable and inclusive growth. The process of human capital formation is long and is influenced by many factors. Its measurement is one of the actual issues. The article discusses the analysis of both theoretical concepts of human capital measurement, as well as measurement problems. We consider three approaches for human capital measurement: The Cost-Based Approach - measures human capital by looking at the stream of past investments undertaken by individuals, households, employers and governments. The Income-Based Approach - measures human capital by looking at the stream of future earnings that human capital investment generates over the lifetime of a person. The a Journal number 3 ∘ Demur Sitchinava ∘ Murtaz Maghradze ∘ Rusudan Seturidze ∘ Analysis of the Distribution and Use of the State Scholarship (Case of the Faculty of Economics and Business of TSU) https://doi.org/10.56079/20223/6 The country's expenditure on education shows the level of social development of the society and the attitude of the state and society towards this process. A society with a high level of education increases highly qualified human capital and accelerates the country's development. Therefore, most countries are trying to increase their spending on education. The main goal of the research is to study the current state of academic performance of scholarship and non-scholarship students at the Faculty of Economics and Business and to determine how qualitatively, effectively and fairly the financial resources allocated by the state for education are used and what is the motivation of scholarship students to study. The article substantiates the theoretical conclusions raised in the published work. The article discusses the issues of funding of educational grants and scholarships by Journal number 3 ∘ Irma Lang ∘ PESTEL Analysis of the Business Environment of Georgia and the United Stats of America https://doi.org/10.56079/20223/7 The articlecompares and contrasts the business environment of Georgia and the world's largest economy, the United States of America. PESTEL analysis was used for the political, economic, social, technological, environmental and legal factors that have a significant impact on both country's macro environments. The PESTEL analysis outlines the current trends, priorities, goals and objectives of the two countries. Cooperation between Georgia and the United States of America in the political, economic and cultural spheres has a long history. The United States of America and Georgia each considers the other a strategic ally. The bilateral relations of the countries have undergone qualitative changes. Friendship based on equality and respect for state sovereignty distinguishes the strategic relationship between these two countries. Leading international organizations 2017-2021 reports were used to analyze the factors of the coun Journal number 3 ∘ Lia Kiladze ∘ An Analysis of the Differences and Similarities between Social Entrepreneurship and Corporate Social Responsibility https://doi.org/10.56079/20223/8 The presented paper makes the analysis of differences and similarities between social entrepreneurship and corporate social responsibility. It describes the practice of business sector involvement in solving social issues on the example of two different forms of entrepreneurial activity (traditional and social entrepreneurship). The paper reviews in detail the features that characterize social enterprises and responsible businesses, and analyzes the importance of business involvement in solving social issues. The comparison method was used for the study, which focused on the research of social enterprises and corporate social projects. Specifically, social enterprises and social projects implemented by business firms with similar goals in the same geographical zone were selected and compared to each other. The study of the targeted social enterprises reveals that it is entirely possible for a company to achieve commercial and socia Journal number 3 ∘ Maya Gogokhia ∘ On the Issue of Regulation of the Securities Market https://doi.org/10.56079/20223/9 Financial market is institutionally represented by the financial system. The segments of the decentralized financial system correspond to the sectors of the financial market. Financial relations are formed outside the financial market - in the form of a public financial system. The structure of the decentralized financial system is the relationship between the banking sector and liquid securities markets. The financial structure as a source of ways and mechanisms of economic development is the subject of discussions. In recent years, there has been an increase in the convergence of sectors of the financial system. The financial structure continues to transform. The principles of regulation are the main basic on which the practical actions of the state to regulate the securities market should be based. In contrast to state regulation of the market as a whole, that is, regulation of macroeconomic pr Journal number 3 ∘ Mirian Tukhashvili ∘ Population of Kakheti: Dynamics and Ethnic Structure https://doi.org/10.56079/20223/10 For the development and implementation of a rational demographic policy, it is of great importance to reveal the regularities of the transformation of the number and structure of the population of Georgia. The object of our research is the population of the Kakheti region, which has undergone significant changes over the past centuries. The article discusses the main trends of population size and ethno-structural changes – issues of the ratio of the Georgian population and diasporas of Georgia, annexed by the Russian Empire, the Soviet Republic and the post-Soviet Kakheti region. During the considered period, the specific weight of the diasporas in the entire population continuously increased due to the permanent implementation of the intensive immigration policy in Georgia, which was under imperial rule. The same situation was in the population of the Kakheti region, where the contingent of national minorities increased. Journal number 3 ∘ Amiran Berdzenishvili ∘ Kakha Ketsbaia ∘ Social Stratification Profile of Contemporary Georgian Society https://doi.org/10.56079/20223/11 The article deals with the social stratification structure of contemporary Georgia society. Such important issues as the post-Soviet transformation of the stratification structure of Georgian society and the main factors determining its contemporary social profile are discussed from the viewpoint of social sciences. The idea that the social stratification structure of contemporary society is characterized by pathology expressed in the article is argued via analysis of the factual material given in the article. In the article, the above-mentioned problem is analyzed from the theoretical-sociological aspect. The authors admit that Georgian sociological literature is not abundant in the analysis of such problems, therefore works of the Georgian authors in the sphere of economical sciences are used (P. Gugushvili and others). According to the conclusion drawn on thebasis of th