Assoc. Prof. Lesya Kolinets, lecturer in international macroeconomics at VILNIUS TECH and professor at Ternopil National Economic University, and I prepared a scientific manuscript [1] on the economic development of Central and Eastern European (CEE) countries from 1995 to 2024. The results of this study may be of interest to a broad audience seeking to gain a deeper understanding of the reasons behind Lithuania’s economic success since regaining independence. Using relatively simple econometric tools, we identify the key macroeconomic and financial components of CEE economic growth, among which low private debt accumulation emerges as a particularly significant factor.

Although the article has not yet been published in any economics journal, we wish to share its findings with experts in Lithuania. Your thoughts, criticisms, and suggestions could help to improve the paper and extend the study in a broader context.

Comparing the economic development of countries is not as straightforward as it may seem to many. The most commonly used indicator—Gross Domestic Product (GDP) per capita or per employee—can vary significantly depending on the currency used and how inflation in goods, services, and money is accounted for. What complicates comparison most is that exchange rates between currencies do not reflect differences in purchasing power across the countries being compared.

Another interesting video by ritvikmath explains why workplace incompetence is so prevalent. In the 1960s dr. Laurence J. Peter had observed that "in a hierarchy, every employee tends to rise to their level of incompetence." Originally, the observation was intended as a satire, but since then it has become an object for scientific debate.

To me explanation sound overly simplistic, but do think that the principle still holds. I have met people who have worked hard for promotion (diploma, certification, etc.), just to "relax" right after obtaining it.

From scientific point of view debate surrounding this principle reminds be the discussions about the hot hand phenomenon. Although, the Peter principle seems to be more related to the game theory rather than statistics.

Fig. 1:Modern take on Halloween scare. Illustration by Jim Benton.

You can find more funny drawings by the author on the Instagram.

After one of my first presentations at the students' conference OpenReadings, I received a comment along the lines of "it's just some fancy randomness". Well, yes, but... Over the years, I have seen lots of otherwise good students who struggle with even the most basic statistical concepts. So, being "fancy" makes it reasonably hard. Furthermore, random processes underlie many important everyday systems.

This Veritasium video tells a fascinating story about how a petty feud between two Russian mathematicians led to the development of Markov chain formalism.