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Mykhaylo Zveryakov
SEEKING AN EXIT FROM THE CRISIS
Summary:
The theoretical conception of an exit from a crisis, which was proposed by the Nobel Prize winner P. Krugman, and the application of its basic positions in seeking ways to get out of the crisis in developed countries and in Ukraine are analysed. A peculiarity of the application of Keynes’ theory in the national economy is demonstrated. The necessity of developing an alternative economic model applicable to Ukraine’s economy is substantiated. Some theoretical approaches to the formation of a new economic model based on a change in the current system of distribution of the aggregate added value in favour of an increase in the rate of accumulation as a necessary condition of steady economic growth are proposed.
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Wei Bin Zhang
GLOBAL SOCIAL STATUS, NATIONAL SPIRITS OF CAPITALISM, AND ECONOMIC DEVELOPMENT
Summary:
This paper constructs a global economic growth model with endogenous social status, endogenous preferences, and wealth accumulation. The economic system is based the Solow model, the Uzawa two-sector model, and the Oniki-Uzawa trade model. We base our approach to measuring social status on some ideas in the literature of economic growth with endogenous growth. The model is specially based on a model proposed by Zhang (2016). This study considers relative social status as a function of a country’s relative wealth per household with the global average per household wealth. It treats time distribution between leisure and work as endogenous variables. The world economy is composed of any number of national economies and each national economy consists of one capital goods sector and one consumer goods sector. National economies differ in social status, preferences, spirits of capitalism, and productivities. We build the model for -country world economy and express the dynamics with differential equations. We simulate the movement of a 3-country global economy and carried out comparative dynamic analysis with regard to some parameters
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Nina Koteva
The Economic Efficiency and Financial Sustainability
of Agricultural Holdings
Summary:
The purpose of this article is to study the levels and trends of some basic indicators characterizing the economic efficiency and financial sustainability of agricultural holdings.
The study is based on official statistical information (NSI, MAF, Eurostat) and covers the period 2006-2013. It uses the following survey methods: systematic and comparative analysis; method of statistical groupings, inductive and deductive methods of analysis.
The survey results show that there is no clear steady upward trend in the efficiency and financial sustainability of agricultural holdings in the country. The economic performance of agricultural holdings growing field crops repeatedly exceed the performance achieved in the other types of holdings, mainly due to the larger sizes of the holdings and the support received rather than the more efficient production. The agricultural holdings growing perennial crops are in the most unfavourable situation.
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Rumen Lazarov
ECONOMIC UNCERTAINTY
AND THE ROLE
OF THE INSTITUTIONAL
FACTOR IN ITS ANALYSIS
Summary:
This article presents an attempt to clarify the understanding of the role played by institutions in relation to economic uncertainty. The aim is to critically analyze and compare the place which this economic phenomenon occupies in neoclassical and institutional analytical models.
The need for the introduction of the institutional factor in a highly formalized orthodox neoclassical analysis model is theoretically justified.
The conclusion is that, under this condition, economic analysis will be able to produce objective results on the basis of which precise conclusions and correct decisions will be made as regards economic policy
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Nina Koteva, Desislava Toteva, Emilia Sokolova
Methodological and Methodical Issues of the Economic Sustainability of Agriculture and Agricultural farms
Summary:
Based on a critical review of scientific literature, the category ‘economic sustainability’ is defined as the dynamic development of agrarian systems over a long period of time in line with the changes in the external and internal environment which ensures efficient performance, good financial condition and competitiveness.
We observe the hierarchical levels of the system for assessing economic sustainability to first select the principles, and then the criteria and indicators to be employed in the assessment, so as to reveal the characteristics and the underlying and significant aspects of the performance of the agricultural sector and agricultural farms.
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Vanya Hadjieva
THE APPLICATION OF THE CONTROLLING CONCEPT
AS A MODERN MANAGEMENT TOOL
Summary:
Effective governance is a major challenge for today’s managers. The management process is a dynamically changing phenomenon that is dependent on many and varied factors and influences. The controlling concept is a dynamic tool that can comprehensively optimize the management of all hierarchical levels in various governance structures.
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Milen Velushev
THE PROBLEM WITH ECONOMIC GROWTH IN BULGARIA: CAN FOREIGN DIRECT INVESTMENT HELP
Summary:
The Bulgarian economy has consistently ranked as one of the last among the EU countries regarding national competitiveness and factor productivity. Currently, its growth is modest and cannot qualify as a catch-up. A number of analyses have been dedicated to this topic, the results indicating various qualitative and quantitative factors or their aggregates as the cause for this lagging behind. This paper is an attempt to find out whether net foreign direct investment can help to improve the economic growth in Bulgaria. The analysis by Granger regarding the causality relationship between the GDP components and foreign direct investment inflows makes it clear that FDI affects not only government spending, which suggests that they cannot cause a change in the political institutions that determine the economic institutions. In short, at present foreign direct investment cannot be considered a source of economic growth due to the lack of investment in strengthening the market mechanisms by government.
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Silvia Gospodinova
STRUCTURAL CHANGES IN GROSS VALUE ADDED AND THEIR RELATION TO THE ECONOMIC GROWTH OF BULGARIA IN THE PERIOD 1997-2017
Summary:
The changes in the sectoral composition of the economy reflect many processes and are an accurate indicator of the nature and rate of economic development of the state. What is more, sectoral structure is important for the analysis of economic development rate and the patterns and the increase in the productivity of all economic activities.
Sectoral changes are important due to their role in the production pro-cess and the different labour productivity of different economic sectors and activities. Hence, the assessment and the use of the opportunities for accelerated development of the different sectors can contribute significantly to the economic growth and the increase of labour productivity.
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Vasil
TERRITORIAL DIFFERENCES BETWEEN THE LIVING STANDARDS IN BULGARIAN REGIONS
AND DISTRICTS (2010–2017)
Summary:
The article reviews differences in the living standard at the level of regions and districts. Living standard is defined and assessed in terms of material living conditions by employing multiple indicators which are grouped in three modules (subject areas): economic development; income and consumption; income inequality and poverty. We employ relevant statistical indicators to measure differences and specific methodology to assess the living standard so that we could rank territorial units according to their distance from the best regional score. The findings of our empirical research of the living standard indicate that: (a) there is a slight trend towards a decrease in the differences between regions, while differences between districts remain the same; (b) there are significant changes in the arrangement of regions and districts according to their scores in the different years of the research; (c) divergent trends are identified in the development of territorial differences measured through the summary scores for the three modules; (d) the living standard has deteriorated in a significant number of the territorial units.
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Hrabrin Bashev
THE SUSTAINABILITY
OF MANAGEMENT STRUCTURES
IN BULGARIAN AGRICULTURE – LEVEL, FACTORS AND PROSPECTS
Summary:
This paper assesses the sustainability of the farms in our country by applying the holistic approach. We first introduce the methods employed in our research and provide a general description of the farms included in it. Then we assess the integral, managerial, economic, social and environmental sustainability of farms in general as well as that of the different types of farms according to their size, specialization of production, environmental position and geographical location. Finally, we assess the factors for improving the sustainability of farms and present our conclusions about doing further research work and improving the assessment practice in the sec
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Penka Shishmanova
The Factors of Economic Growth from a Classical Perspective
Summary:
The problems of economic growth have been increasingly taken into account over the last decades, which brings to the fore the issue of the factors that determine it. The dynamics of contemporary economic development requires detailed knowledge and thorough study of this complex set of elements. Over the years they have highly evolved and changed the concept of generating growth. The beginning, however, was set long ago in the past.
This study examines the factors of growth from the point of view of the classical economic theory. The analysis starts with the ideas of W. Petty and the determinants worked out by him – labour and land; it continues with Fr. Quesnay’s views on the power of nature and the crucial role of agriculture; it identifies the main causes of the wealth of nations according to A. Smith with an emphasis on labour productivity; it emphasizes the dynamic changes in the factors according to J. S. Mill; it justifies their triune structure according to J. B. Say and outlines some obstacles to growth according to T. Malthus.
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Dimitar Kanev
COMMITMENT AS A CONSTRAINT
TO THE PURSUIT OF SELF-INTEREST
Summary:
By applying the behavioural economics approach and the findings of the empirical survey we conducted, this paper analyses constraints on the pursuit of self-interest. The objective is to transfer scientific insights about the impact which general rules of morality have on human activities; to establish what moral standards govern the community we researched and to provide new empirical evidence about the influence which the sense of duty has on human behaviour. Our research supports the thesis that people are governed by their sense of duty; they care about the well-being of other people and act responsibly and responsively, whether or not they benefit as individuals and groups; they also seek to treat others reciprocally and evaluate market phenomena from the perspective of their moral feelings. Unlike the Homo Economicus, real people are more moral, good-natured and attractive when treated in compliance with established moral standards and more immoral, evil and repulsive when treated contrary to them.
