Articles

Behavioral economics has made a great contribution, first, to prove that culture is among the factors that do matter when it comes to decision-making and, second, to study the mechanism behind this impact. In this respect, the Cultural Dimensions Theory created in 1980 by Dutch management researcher Geert Hofstede has introduced new dimensions and perspectives to research. In this post we will not only discuss the theory but will also look into how culture impacts economic behavior of firms and individuals.

Discussion around the influence of open-source software is gaining renewed attention with the latest wave of open-source AI. Along with the obvious advantages in the form of free access to the innovations there are growing concerns on the security issues. In this post, we are trying to follow the development of open-source software, its benefits for the companies and economy and of course about the risks. 

If we try to trace the origin of Fintech, we shall find that it has existed in some capacity or the other since the first wave of financial globalization during the late 19th and early 20th centuries. Like other technological revolutions of the past, it has been, and continues now, to cause significant structural change: novel technologies in a short time are replacing traditional ones. Some of the most important Fintech innovations were electronic payment systems, web-based business models, and bank digitalization. In this post, we will look into the landscape of the present-day Fintech industry and sectors where start-ups can find big market opportunities for development. 

Nowadays it's difficult to discuss future business strategy analytics without including AI. But when asked,  "Who is smarter — a human or AI?," ChatGPT’s answer is uncertain. It ultimately depends on the context and the specific tasks at hand. Humans possess the unique ability to think creatively and innovate, involving not only generating new ideas but also taking risks and experimenting. All these are limited for AI, because the technology can only use known data and replicate it. Replicating existing solutions won't address the modern challenging world, and  companies require innovative approaches. Visionary or strategic thinkers can help generate new ideas and bring them to life. Who are they, and should you have them in your business or become one yourself?

When one thinks about becoming a CEO, it is the timeless skills like leadership, strategic thinking, adaptability, problem-solving, integrity, financial acumen and communication that come to mind. But reaching the top of the corporate hierarchy also means having several qualifications. First, a minimum requirement is a bachelor’s degree, usually in business, finance, or engineering. Second is having extensive and diverse work experience, and a deep understanding of the industry which, in turn, allows one to understand the different aspects of a company and make informed decisions. Third, executive education often acts as additional support to senior managers in achieving the office. And on top of it there is networking, something that all NES alumni share and understand the importance of being in the right place at the right time is part of future career success. 

In recent years and in many countries, the labor market has faced a series of shocks that have added to long-term transformations. The combination of these shocks changes the relationship between the employee and the employer. These changes, the spreading of non-standard forms of employment, the situation on the Russian job market, the gap between labor supply and demand, and the causes and consequences of the increasing number of job openings and low unemployment were discussed at the NES Educational Days by NES Professor Irina Denisova, economist Vladimir Gimpelson and HeadHunter CEO Dmitry Sergienkov. GURU summarizes below the main points of their public talk, which was moderated by NES Rector Anton Suvorov.

The Covid-19 pandemic has had a huge impact on the economy. One of its main and long-term consequences is the transition to a remote work format. Experts continue to analyze this phenomenon, trying to identify the impact on areas that are not obvious at first glance, for example consumer behavior and career prospects. (Spoiler: remote work is the least suitable for young people who love freedom so much.)

The new wave in the development of artificial intelligence and machine learning has made them much more accessible. How can they help business operations and in academia, how are they changing our education system and the labor market, how will they affect the data analysis industry, and why is the demand for intermediaries growing? These questions were discussed at the NES Popular Science Days by Ivan Stelmakh, NES Professor, and the School’s graduates, Daria Levina, Strategy and Operations Manager at DataGPT (Canada), and Stanislav Mazurenko, Team Lead, AI in Protein Engineering at Masaryk University (Czech Republic). GURU summarizes the main arguments of the discussion. 

Robert Solow, the author of the famous model of economic growth and one of the most renowned economists, a student of Nobel laureate Wassily Leontief and a teacher of many Nobel laureates, passed away on December 21, 2023. Konstantin Egorov, a Visiting Professor at the Einaudi Institute for Economics and Finance and NES graduate, recalls his great legacy in a column for GURU. Solow's models were so simple that they do not even need to be simplified to be retold, he notes, and yet modern researchers of growth not only follow in Solow's footsteps, but also work solely with his residual.

The labour market is changing rapidly, requiring its participants to adapt their strategies. But it is often more difficult for those who have already achieved certain success to decide to change something in their careers. These people usually ask themselves why they should take risks and drop the strategy that has brought results. How to prepare for changes, assess the risks and opportunities of a career pivot, and choose the training that will become a career driver? NES graduates Ruslan Karmannyi, a finance and technology innovator, and Gayane Simonyan, an MBA student at MIT, as well as Lyudmila Orzhekhovskaya, an expert with 20 years of experience in recruitment, discussed these topics in an episode of the “Economics out Loud” podcast. They also shared several options for changing the career track, one of which is launching a startup. GURU brings together the main ideas of the discussion.

The Royal Swedish Academy of Sciences awarded the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2023 to Claudia Goldin of Harvard University for her contribution to understanding women’s labour market outcomes. In a column for GURU, NES Professor Hosny Zoabi talks about her findings and research that is sometimes compared to detective work in terms of their thoroughness and surprising insights.

“The Stone Age did not end because the world ran out of stones, and the Oil Age will not end because we run out of oil,” the legendary Minister of Petroleum and Mineral Resources of Saudi Arabia Ahmed Zaki Yamani once said. Indeed, it is highly unlikely that we will run out of oil and we should not expect it. Then why should we reduce our consumption of inexhaustible non-renewable resources? NES Professor Gerhard Toews explains in his column for GURU.