Economic Thought -- 70th Anniversary

The article presents the first 70 years of the Economic Thought Journal as a leading academic periodical in Bulgaria. It analyzes its historical evolution, mission, and contribution to economic theory and practice. The main thesis is that the journal has served as a key platform for academic debate and the advancement of economic thought, regardless of changing political and economic conditions.

The methodology involves a historical and analytical review of the development of economic periodicals in Bulgaria, as well as an examination of the journal’s editorial policy, publication activity, and institutional role. The study also explores the emergence of economic periodicals and the journal’s predecessors during the period of the Third Bulgarian State.

The results of this historical analysis demonstrate that the journal has established itself as a national academic forum characterised by high scientific standards, a strong editorial board, and significant contributions to economic science. Over time, it has operated under ideological constraints yet has preserved its academic rigor, objectivity, and openness to scholarly debate. With a contemporary view, the article discusses the journal’s modernisation, including the adoption of widely recognised ethical standards, the implementation of double-blind peer review, open access policies, and the development of a reputable editorial board.

The conclusion emphasises that the future development of the journal is closely linked to digitalisation, enhanced international visibility, and the maintenance of high-quality publications, which will further consolidate its role as a significant academic platform.

This article examines the main themes and ideas behind the intellectual project of Georgi Petrov, which constitutes a coherent and well-argued justification of the need for a decentralized economy. Among the central topics discussed are the transition from directive planning to the use of economic levers, the establishment of a new basis for price formation, the granting of full autonomy to enterprises, and their integration into market mechanisms based on competition and profit incentives. The article also presents his views on forms of ownership and on the overall model of democratic socialism. His 1969 book Commodity Relations and Price Formation under Socialism stands out as one of the most significant Marxist theoretical arguments in support of the market economy model in Eastern Europe during that period. The present study will be separated into two parts, published in two consecutive issues of the journal.

This article presents the main ideas and contributions of Evgeni Mateev, whose extensive body of work is difficult to encompass in its entirety. Following a brief biographical overview, it traces the development of his views toward systems theory and cybernetics. The key elements of his model of socialism and the algorithm for its practical implementation are analysed. The article also examines fundamental methodological principles formulated in his seminal work, Structure and Management of the Economic System (1987), including microeconomic aspects related to the role of enterprises. The study is published in two consecutive parts.

The article uses the methodological approach developed by W.S. Jevons and A.L. Chizhevsky. The author found that for the years 1961–2024, immediately after each solar maximum, there was a general decrease in global GDP by an average of -1.903% over two years. The correlation coefficient of Wolf numbers in the years of maximum solar activity and the subsequent decrease in worldwide GDP percentage is -0.806. This made it possible to develop a forecast for a decrease in global GDP for 2025 and 2026 as a whole by -2.2%. The forecast value of annual GDP growth in 2025 around the world is 2.32%. The next years of high economic growth are expected to be 2027, 2028, and 2029, with projected annual global GDP growth of 4.38, 4.29, and 3.85 (%), respectively.

This paper investigates a paradox of the early twenty-first century: despite rapid technological acceleration, consumer utility, satisfaction, and long-term sustainability have not increased proportionally. Building on Romer’s theory of endogenous growth, the study introduces the concept of Architectural Capital (ArchCap) – a systemic property that captures the degree to which technological knowledge (ATech) is organised into a coherent, predictable, sustainable, and maintainable product architecture. ArchCap is operationalized through four analytical components: cognitive load, repairability and maintainability, total cost of ownership, and architectural coherence.

Empirical evidence shows that products with moderate technological density but high architectural capital – such as the Ford Model T, Volkswagen Beetle, FIAT 124/Lada 2101–2107, and early-generation iPhones – achieve higher real utility, lower ownership costs, and greater long-term sustainability than many contemporary devices with far higher ATech. These findings reveal a phenomenon of architectural entropy, in which escalating complexity nullifies a significant share of the value generated by technological knowledge.

The paper argues that architectural capital is the missing structural parameter in contemporary growth models and should be integrated into regulatory frameworks as a criterion for systemic sustainability, maintainability, and consumer safety. ArchCap is proposed as an analytical filter for evaluating innovations, public policies, and R&D strategies, ensuring that technological progress is translated into genuine economic and societal benefit.

The digital euro is a European Central Bank initiative to introduce an electronic form of central bank money for public use. This study analyses the potential impact of the digital euro on consumer behaviour at point-of-sale transactions within the eurozone, applying a scenario modelling approach with three adoption levels: low, moderate, and aggressive. Baseline data are derived from the ECB’s SPACE 2024 survey. The model forecasts the displacement of cash and partial substitution of card payments by the digital euro, with the aggressive scenario reaching a 45% share of POS transactions over a 10-year horizon. The analysis incorporates sceptical viewpoints concerning realistic assumptions, country-specific cultural preferences, and the private sector’s strategic response. Results suggest that the digital euro could significantly reshape payment structures, although the speed and scale of adoption will depend upon regulatory frameworks, technological infrastructure, and incentives for both consumers and merchants.

The integration of artificial intelligence (AI) into human resource management (HRM) exists as a process to varying degrees in contemporary reality, while its extent and manner depend on the maturity of the organization. This paper examines the applicability of AI across all  stages of the HR process and leads to the conclusion that a hybrid “human + AI” approach is needed. The aim is to outline the opportunities and limitations of using artificial intelligence in human resource management and to propose a conceptual framework in which the human factor retains its leading role. The empirical basis is formed by a study among leading experts in the field of HRM and organizational managers, conducted in parallel with a pilot study among organizations operating in the Republic of Bulgaria. The results confirm various degrees of AI applicability across HR processes, the significance of ethical and regulatory conditions, and the need for human control in making sensitive decisions. On this basis, a “human + AI” conceptual framework is proposed for innovative human resource management.

The accelerating pace of technological change raises the challenge of applying a theory of economic development that is adequate to this change as a basis for policy-making. The economic community is increasingly turning to the contemporary application of Schumpeter’s theory in addressing this challenge. It is telling that the 2025 Nobel Prize in Economics was awarded for the development of Schumpeter’s theory of creative destruction. With this in mind, the focus here is on a contemporary collaborative work by three scholars—Philippe Aghion, Céline Antonin, and Simon Bunel, titled “The Power of Creative Destruction: Economic Upheaval and the Wealth of Nations,” dedicated to the power of creative destruction.