The article addresses versions for development of modern political economy in Bulgaria. Political economy is interpreted as a basic (common) theory of economics, different from the neoclassical theory. Preference is given to the classical tradition in economic theory development. The issues of the sources, generation and distribution of wealth, of its growth (economic growth) and of the functioning of the economy should also be focused in the modern theory, considering the fact that economy exists, functions and develops in a natural and a public environment and is interrelated with the environment. The classical tradition is not a reference of the ХІХth century theory to the modern economics, but a continuation of the classical line in theory taking into account the changes in the contemporary world – changes in economic and non-economic realities and in scientific economic and non-economic knowledge.

A holistic framework is applied on and assessment is made of sustainability of farms of Natural (Physical) Persons in Bulgaria. A framework of study is presented and overall characteristics of surveyed farms are outlined. Assessment is made on integral, governance, economic, social, and environmental sustainability of farms as a whole, and of different size, production specialization, and ecological and geographical location. Factors for improving sustainability of farms are identified, and directions for further research and amelioration of assessment practices in the sector are suggested.

Since the introduction of economic reforms, Indian economy has been rapidly growing. Simultaneously, the government spending has also increased by multiple times. Interestingly, rapid rise in public expenditure has occurred during the era of speedy privatisation. The central issue of discussion is whether high growth is attributed to increased government spending and/or higher government spending is owing to rising economy. There are several theoretical propositions and empirical findings attempting to solve this puzzle but with no unanimity and their inferences are rather highly divided and fragmented. In this pretext, the present paper makes an effort to re-examine the direction of flow of relationship, nature of relationship and size of the relationship between government expenditure and economic growth in India in the long run through econometric modelling. In the course of investigating the nexus of relationship between economic growth and government spending, the study also aims to test whether Indian scenario validates the Wagner’s law or supports the Keynesian growth hypothesis. The underlying subject is investigated based on the data covering the economic reform period from 1991-1992 to 2015-2016. Application of appropriate econometric techniques like cointegration test, estimation of Vector Auto Regression (VAR) model, Granger causality test, impulse response function and variance decomposition provide evidences of long-term relationship between growth and government spending. Results show that the size of the public sector is defined positively by the level of GDP growth in the long run and similarly, the variability in GDP is explained positively by the government expenditure. The findings of the study have evidences to support both Wagner’s law and Keynesian theory.

The main principles of the “tourism policy” concept, as an integral part of the state and the global policy system, are summarized in this article. Challenges to the tourist industry in the countries, which develop tourism at present, and their overcoming on the basis of the implemented policies and good practices in the area of tourism management in the member-countries and partners of the Organisation for Economic Co-operation and Development are analyzed. Basic characteristics of tourism policy and the behavior of the generating markets in the period 2008-2014 in the Balkan countries (Greece, Croatia, Slovenia, Turkey, Bulgaria), ranked among the 50 leading tourist destinations worldwide, are discussed. An analytical overview of the structure and methodology for assessment of the Travel & Tourism Competitiveness Index (TTCI) is prepared. The author analyses the competitive advantages and the problematic areas of tourism development in the listed countries. Competitive advantages of Bulgaria in tourism sector and most problematic areas of tourism development in the country are thoroughly examined (on the basis of the 90 individual indicators of TTCI). Current changes in the global tourism sector, which could affect the future of tourism are summed up.

The corporate accounting policy is an important tool for organizing and presenting the information in the annual financial statements. Depending on the goals set by the corporate management various options of accounting policy could be selected, in order to be implemented by the management. Therefore the corporate financial result could be distorted and even manipulated. For the management purposes, it becomes increasingly important to acquire timely and more detailed information that can not be obtained from financial accounting but can be provided by management accounting. Hence the question is raised of the necessity to develop and implement an accounting policy for management accounting because the same accounting policy can not achieve the different purposes of the two accounting systems. In this regard, the stated objective is to clarify the reasons for developing an accounting policy for management accounting, the meaning of this concept and its differences from the accounting policy for financial accounting.

Identifying regional alternatives for the progressive development of small countries is vital in today's world of globalisation and accelerated technological and societal divide. The new interdisciplinary work published by the Institute of Economic Research at the Bulgarian Academy of Sciences under the scientific editorship of Prof. Dr. I. Rositsa Chobanova and acad. Lyupcho Kotsarev is dedicated to the problem of defining state and academic priorities for scientific and innovation cooperation between Bulgaria and Macedonia as a prerequisite for finding such regional alternatives.