Issue 3, 2003

This article intends to clarify the role of economic policy under the conditions of The New Economy. It sustains the concept that the changes in the economic policy bear a lasting character and represent a natural result from the action of new factors of growth on both national and global scale. It uncovers the succession of the new models of government policy to the philosophy of the traditional economic theory manifesting itself in its fundamental principles and rules of ensuring macroeconomic stability, openness and competition.

JEL: E61; E63; F02

Submitted to valuation is the specific role of the state by means of its budgetary policy on the economic and social development of the country after the introduction of the Currency Board. The generalized results from the investigation of the analogous role of the state for an extended period of time in the EU countries, USA and Japan are used as a comparative basis. In the liberalizing and globalizing economic and political reality, predominantly the practice of these countries imposes the competitive economic standards outlining the world development forward.

JEL: B10; E10; E62

The issue of human capital bears an important significance on carrying out the reforms in Bulgaria. In this junction this article concentrates on the following problems: The "Cost - Output" Model is implemented in the field of services with the aim to reveal in greater extent their role in forming human capital. This enables the extensive research of the structure of The Service System and its links with other systems of society; the internal links of the Service Sector are bound by intersectoral links under the form of an expanded Cost-0utput Model. This opens an opportunity to specify the material products, needed for the normal function of every subsystem of services; for investigation of these models The Components - Size Analysis is implemented. The components-size of the elements making up the service system is established; the material products needed for the normal function of the service system are divided into two types resulting from the manner of their usage in the process of running the services - single or multiple usage.

JEL: J24; J41

The peculiarities of the government policy regarding the small and medium firms in the period after 1989 are analized having in mind the lack of entrepreneur tradition in Bulgaria. The substantial role of the Small Business in the consolidation of the market economy and democracy is underlined. In connection with this the policy of the state to assist the sector is examined in several aspects - presence/lack of: political will; know-how for the respective priorities at higher political level; timely application of the planned measures; availability of resources and socioeconomic framework. The four basic directions are outlined, in which the attention of the industrial state is ordinarily guided to carry out the measures of the economic policy for rendering assistance of the entrepreneur activity under the present day conditions. By pointing out appropriate empiric examples the policy of Bulgaria regarding the Small Business is defined as lagging behind in efficiency compared to the policies of both the EU and the Vishegrade Group. Five conclusions are drawn out, summarizing the specifics and deficiencies of the purposeful influence of the state as regards entrepreneurship and small business in Bulgaria.

JEL: E60; E69

Some aspects connected with biactive portfolio of stocks are examined. The notions of σ- and V-portfolio and respectively σ- and V-optimal portfolio are defined. The assertion of the existence of V-biactive portfolios is formulated and proven. Some conditions are drawn out in the presence of which, between the stocks of two companies, from the existence of V-portfolios derives the existence of σ-portfolios and vice versa. The obtained theoretical results are applied for examination of the existence of σ- and V-portfolio between some stocks in the stock market in Bulgaria for ten of the most traded company stocks.

JEL; C61; D81; G11

The globalization of the contemporary world rapidly changes the economic theories, principles and systems. However, conservatism is still in force in many respects. An attesting example is the system of distribution of income, which even today, has for its basis classical and neoclassical views dating back to Smith, Ricardo and A. Marshal. This article examines a new system of factors of production and on this basis a conclusion is drawn that the classical system has become obsolete in this respect. The new factors of exclusive importance to the efficient distribution of the resources and the productivity of labor are the sum of the knowledge accumulated during the historical process, and the economic system constituted in the progress of the historical process. On the basis of these factors inherited by the people of this generation and the product created with their assistance, the theoretical (as of this moment) possibility for a new, more equitable, system of distribution of income and wealth is examined.

JEL: E25; E64