Classical production theory knows three so-called “production factors”: labor, capital, and land. One needs a certain amount of each of these factors in order to set up a production of whatever good. Then, in the 20th century, it became common to not count land as a separate production factor anymore.

Twenty years ago, on 26 December 1991, USSR broke into 15 pieces, 15 independent states. Amid great hopes, each of these states embarked on a path of transition: from socialism, from one-party state system, from the relative security of a small city apartment, a dacha, and a Lada to… an uncertain future.

Recently, I attended a show by the famous Erisioni dancing group, which was performing in Georgia for the first time after two years of constant traveling abroad. The Georgian dancers in traditional costumes were sensational, but as an economist, a minor incident caught my attention nearly as much as the Erisioni ensemble.