"Austro-Keynesianism" from the Perspective of an Architect. A Flexible-pragmatic Policy Mix – and a Bit of Luck – as the Reason for Austria's Economic Policy Success in the 1970s

In combination with comprehensive structural reforms, Austria's economic policy of the 1970s resulted in an extensive push for modernisation and a significant increase in prosperity. This is all the more remarkable as this decade was marked by the consequences of the collapse of the Bretton Woods fixed exchange rate system and the oil crises of 1973 and 1979. The challenges resulting from these profound upheavals, namely rising unemployment and inflation, were addressed by the Austrian government with a pragmatic policy mix, which thanks to its successes also gained international recognition under the term "Austro-Keynesianism".