Why Economic Activity Does Not Guarantee Value Creation: The B.I.G.o Framework and the National Index of Circulation (NIC)
Nikoloz Abuashvili, PhDProfessorGeorgian Institute of Public AffairsTbilisi, Georgia Abstract: This paper develops the B.I.G.o. (Business–Individuals–Government–Outside) framework as a simplified representation of the economic system, designed to trace how monetary flows circulate and generate value within an economy. Within this framework, we introduce the National Index of Circulation (NIC) as a simplified metric capturing the efficiency […]