Issue 2, 2005

It is justified in a previous paper published in Economic Thought Journal that along with the theory of marginal utility, which is dominating the contemporary economic thought, a theory of marginal value, of equal worth to it, should be developed, and its starting points have been outlined. This paper proposes the development of a relative theory of utility and value, which gives the opportunity to unite the utility and the value, as well as the marginal utility and the marginal value in a common non-contradictory microeconomic theory, that is absolutely compatible with the modern economics. The above is achieved by introducing relative utilities and relative value units, which are quite specific for each individual, but they are compatible among themselves within the framework of his/her subjective economic behaviour. Points of the individual's value economic equilibrium are deduced on this basis, which become starting ones for a fundamental microeconomic analysis

JEL: A10; D11; D20

The labour market status and policy in Bulgaria are analysed in the light of the main objectives of the European Employment Strategy (EES). However, the achievements of the key strategic objectives for full employment, labour quality and productivity, social inclusion and social cohesion remain a problem for Bulgaria in a mid-term, as well as in a long-term aspect because of unfavourable economic, demographic and social factors. Proposals are made for a more active impact on the labour market by enriching policy mechanisms and instruments, as well as for improving organisational and institutional relationships.

JEL: E61; F15

The paper represents the basic results of the analysis of Willingness-To-Pay (WTP) for protection of Bulgarian monasteries as a part of the cultural heritage. The basic model for analysis of the problem is constructed on estimating general economic value and its attributes. Tobit model is used as the data are censored. The expected biases are analyzed too with indication of the possible reasons. The results indicate that despite the chronically low income the Bulgarian citizens value the importance of the monasteries as public goods. This WTP is sufficiently high to be accepted as indicative for the economic relevance of providing conservation works for protection of the monasteries.

JEL: A13; O17; P25; R50

The pre-history of EU integration is presented briefly: at the first stage before 1989, when the Hungarian strategy opted for integration with the international financial institutions, and post 1989. The issues of implementing the requirements that are the precondition to become a successful EU member within the immediate future are pointed out. This success can be measured at two levels. First, a large part of Hungarian society has to feel within a relatively short time that EU membership means feasible enrichment and accelerated catching up with the EU average. Second, it can be considered a success when Hungary develops an active, future-oriented policy line in EU by strengthening European competitiveness.

JEL: E61; F15

In the present study are presented some investigations published on world periodic, which concern to whether the inherent non-stationaryity of macroeconomic time series is entirely due to a random walk or also to non-linear components. Applying the numerical tools of the analysis of dynamical systems to long-run time series for the US, we reject the hypothesis that solely a linear stochastic process generates these series. Contrary to the real business cycle theory that attributes the irregular behaviour of the system to exogenous random factors, we maintain that the fluctuations in the time series we examined cannot lie explained only by means of external shocks plugged into linear autoregressive models.

JEL: C10; C12; C16

An analysis of the development trends in the debtor-creditor relations is made on the basis of the amount of bank credits that have been increasing in the recent years and the relatively large amount of inter-company debts. A conclusion is drawn that there is a stable upward trend of the overall indebtness of households and companies, which inevitably leads to an increase in overdue liabilities. In order to unfreeze these assets, it is necessary to develop the debt market segment, which covers the inter-company debts and company debts to financial institutions. Legislative changes and new attitude towards liabilities are needed.

JEL: G10; G11; G18