In the paper, the philosophical and historical evolution of social transfers and their role in Latvia's social security system have been investigated. Definitions of social transfers have been studied, and a classification of social transfers has been made. The most suitable social security system, which, to a great extent, depends on social policies and a socio-economic situation in a country, is elaborated in every country. Latvia's social security system includes state social insurance, state social benefits, social services, and social assistance that are based on financing from both the state basic budget and the state special budget, and municipal budgets. Social transfers have a significant role in the social security system in order to provide protection for the population in social risk situations; they impact the welfare of the population during this period.

The primary goal of public projects is to create social benefits for the community. The prepared public project usually has more than one option. In order to choose the most efficient option, it is necessary to take into consideration all social benefits. For this reason multi-criteria methods may be applied since they provide a possibility to assess quantitatively social benefits which are measured in many different quantitative and qualitative indicators. The problem of the research stems from a variety of social benefits indicators of public projects, the problematic establishment of their value and the need of their complex valuation. The paper presents a methodology for TOPSIS multi-criteria method adapted for the valuation of public projects in order to select investment option and the empirical research makes it possible to look at the problems of public project valuation from the practical approach. The research of the paper is aimed at revealing the advantages and limitations of TOPSIS multi-criteria method used for public projects valuation.

The article addresses the problem of social dimension measurement of for regional development. Authors’ discus approaches of definition of social dimension. There is some discord how social dimension could be understood in more broader or narrowed sense and how it is characterized in international and national social policy documents. Authors focus attention on contiguity of social dimension and social security. The measurement of social dimension demands multidimensional approach. The authors use theoretical analysis and document analysis, as well as analysis of statistical data on key elements of social dimension of regional development (differences of employment rate; GINI coefficient, and the number of people at risk-of-poverty threshold). The main conclusions are that social dimension is more or less covered in development planning documents, but the progress indicators are inadequate. Especially disparities in social dimension of regional development are formally addressed and closer analysis of key indicators shows necessity to elaborate both – policy instruments as well as policy progress measurement.