ANALYSIS OF SOCIO-ECONOMIC BASES OF DETERMINING FAIR SALARY IN GEORGIA

Badri Ramishvili

PhD in Economics Associate Professor at Ivane Javakhishvili Tbilisi State University, Tbilisi, Georgia

Email: badri.ramishvili@tsu.ge

https://orcid.org/0000-0002-4446-8882

Natalia Kharadze

PhD in Economics Associate Professor at Ivane Javakhishvili Tbilisi State University, Tbilisi, Georgia

Email: natalia.kharadze@tsu.ge

https://orcid.org/0000-0002-5800-0957

Dea Pirtskhalaishvili

PhD in Business Administration Assistant Professor at Ivane Javakhishvili Tbilisi State University, Tbilisi, Georgia

Email: Dea.pirtskhalaishvili@tsu.ge

https://orcid.org/0000-0002-8667-414X

Abstract

ABSTRACT.  The difficulty of determining a fair compensation  is an eco­no­mic-social topic that has concerned humanity during the past three centuries, since the beginning of the industrial revolution, when hired labor has become one of the primary factors of value creation. Since time immemorial, different ideologies have provided various responses to the question of what should be the basis of salary. This debate frequently served as the primary catalyst for revolutionary events, which have occurred several times throughout history. Given the significance and complexity of the problem, extensive, sophisticated, and complex research by economists, psychologists, sociologists, historians, culturologists, managers, and other experts,  is required to provide a more or less suitable solution. By using Georgia as an example, in this article we will try to analyze the described issue from an economic and social perspec­tive  and highlight the key trends.