The FINANCIAL — If you are wondering how you can become richer and cleverer, if you are an entrepreneur or working in development, then you should read the following books recommended by Adam Pellillo, Assistant Professor at the International School of Economics at Tbilisi State University (ISET).
Triumph of the City: How Our Greatest Invention Makes Us Richer, Smarter, Greener, Healthier, and Happier by Edward Glaeser (2011)
If you’ll be in Tbilisi this summer, wondering how we can all become richer, smarter, greener, healthier, and happier, Edward Glaeser’s Triumph of the City: How Our Greatest Invention Makes Us Richer, Smarter, Greener, Healthier, and Happier is perhaps a decent starting point. Looking at cities ranging from Kinshasa to New York, Glaeser explores what is at the root of the prosperity (or poverty) of some of the world’s largest urban centres. The new mayor of Tbilisi might find Glaeser’s analysis very useful.
Georgia: A Political History since Independence by Stephen Jones (2012)
While the title may not suggest it, this exceptionally well-written book touches on many aspects of the Georgian economy. It also illustrates the complex relationship between politics and economics more broadly. As is shown in his writing, Jones has spent a considerable amount of time in Georgia and has a deep understanding of the challenges facing policymakers, business owners, and citizens across the country.
Understanding Global Trade by Elhanan Helpman (2011)
With the Deep and Comprehensive Free Trade Agreement (DCFTA) with the European Union slated to go into effect later this year, understanding what might be required of firms and the Government to get the shipping containers in Batumi and Poti filled to their brims is of the essence. While somewhat more technical than the other books listed above, Elhanan Helpman’s Understanding Global Trade is an accessible and important introduction to the determinants of trade around the world.
The Idealist: Jeffrey Sachs and the Quest to End Poverty by Nina Munk (2013)
If you are working in development, Nina Munk’s poignant critique of economist Jeffrey Sachs’ Millennium Villages Project is a must-read. While the context is quite different than that in Georgia, Munk’s analysis of the challenges faced during the implementation of this project offers insights to consider when crafting your next proposal.
Nothing to Envy: Ordinary Lives in North Korea by Barbara Demick (2010)
The Nobel-prize winning economist, Joseph Stiglitz, once argued that “a study of less developed countries is to economics what the study of pathology is to medicine; by understanding what happens when things do not work well, we gain insight into how they work when they do function as designed.” By looking at the case of North Korea, one observes the human consequences of totalitarian politics and distorted economics. It is perhaps one of the best ways of learning why the “rules of the game” matter for an economy and what happens to individuals’ well-being when economies do not function as they should.
Prepared for print by Madona Gasanova, The FINANCIAL
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