V. Gontis, K. Acus: Economies of Baltic countries are catching up and overcoming Visegrad Group

Following our previous papers about economic convergence of Baltic and Visegrad countries and long-term development forecasting, we want to review the latest Eurostat data about Europe and OECD economies in purchasing power standards (PPS). There are at least three reasons for that. First of all, we look for the best way to compare GDPs between countries. Secondly, we seek appropriate and the most reliable data to model international macroeconomic convergence processes. Finally, we want to draw your attention at the latest Eurostat data, which stresses extremely strong growth of Baltic countries.

Economic development of the European Union member states is a live international macroeconomic experiment. Theoretical analysis and possible modeling of these processes is a real challenge to all analysts and theorists. EU experience would be much more useful if the running economic processes were understood from the macroeconomic theory point of view. Noticed laws would be handful, solving issues of the EU economy in the future. In our opinion, observed regularities follow especially stable trends. The observed regularities of macroeconomic trends could be useful to forecast long-term economic development in the manner of natural sciences. This could be done in much larger extent, than, for example, in the weather long term forecasting. In a previous article "The phenomenon of economic growth of Baltic countries" we used World Bank data to point on a particular universality of economic growth in different regions. There we partly revise the data by adding Scandinavian countries to already reviewed Baltic and Visegrad regions. In the first graph we plot GDPs in USD, current prices, of these EU members’ and Norway from 1995 to 2012. The same data is show in three different ways to stress various growth trends.

D. Sornette: How we can predict the next financial crisis?

If one would start speaking about the dragon kings and black swans, many people would think that the one is talking about the fairy tales. But these terms are used then speaking about the events in the financial markets! Black swans are rare, but observable in the nature. Dragon kings are only observed in the fairy tales. So we would be amused if we would see the black swan with our own eyes, yet if we would see the dragon king we would be completely shocked. In nature these kinds of event are extremely rare and improbable, while in the financial markets we see these kind of events frequently enough. Below you can find a talk by Didier Sornette (taken from ted.com, some of the related info is available from blog.ted.com), who talks about these kind of events, their impact and possibilities to predict.

J. B. Glattfelder: Who controls the world?

One and half year ago world media exclaimed - finance is controlled by a single super-corporation (e.g., read article in Lithuanian or English)! Evidently this conclusion is somewhat far fetched, yet it does capture one of the essential points of the underlying scientific research. The research actually shows that a comparatively small number of corporations control almost everything. Now you can listen to the one of the related researchers speaking about this discovery and hear him explain that does this actually mean.