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The thesis aims to examine effectiveness of the system of public procurement in the Czech Republic and emphasisizes its evaluation criteria. Evaluation criteria in public procurement are an essential part of the selection process and play thus a highly important role when selecting the winning bid, or rather the the winner awarded with the public contract to be implemented. The paper focuses on below-threshold procurement in building area. Below-threshold public contracts can be divided into two groups according to the pre-set evaluation criteria. Either is there a single criterion for evaluation of the bids accepted, i.e. the key criterion is the lowest bid placed or more sub-criteria are applied, i.e. the key criterion is economic advantage of the offer. In order to determine/identify, which way of public procurement is more efficient, different characteristics of the evaluation process in each of the groups are compared. In the final part these partial results are generalized and thus allow formulating a few recommendations for practise/real-life recommendations.

Current economic policy, favoring particurarly economic growth as a condition for the growth of well-being, is confronted with empirical evidence that despite this effort, population is not always satisfied. This thesis examines, in addittion to economic growth, also other important economic indicators such as unemployement and inflation, their interrelations and connections of these indicators with the satisfaction of population. It presents reasons for importance of the development of these variables for the satisfaction of residents and to what extent satisfaction can be affected by these variables. Variables are investigated from the perspective of mainstream economics and the economics and happiness. In conclusion, this thesis summarizes recent findings of leading economists on possible revision of economic policy to better reflect present empirical evidence. Key words: Economic policy, subjective well-being, well-being, income, unemploment, inflation, Easterlin paradox .