Kurt Rothschild Shaped WIFO Over Six Decades

Journalist and filmmaker Gerald Teufel portrayed the renowned economist Kurt Rothschild, the doyen of Austrian economics, in a television documentary, shedding light on the work and life of this eminent figure in political economy.

"Wir sind Wirtschaft – Kurt Rothschild" pays tribute to one of the most significant figures in economics, whose school was attended by many notable figures in the field. In Gerald Teufel's film, Rothschild recounts his youth in Vienna, his support for social democracy during the First Republic, the Jewish sports club Hakoah Vienna, and his flight to England and Scotland in 1938. Rothschild's wife Valerie, to whom he was married for over 70 years, also speaks in the film.

Kurt Rothschild was born on 21 October 1914 in Vienna and studied at the University of Vienna. After emigrating to Scotland in 1938, he continued his studies in economics and political philosophy there. Upon his return to Austria, he took up his post as a researcher at WIFO on 1 June 1947. The contact had been arranged by the Nobel laureate Friedrich August von Hayek. From 1966, he worked as a consultant at WIFO and remained closely associated with the institute, particularly after his retirement in 1984 until his death, through his contributions to economics and society. He was always approachable, friendly and helpful in conversation.

"For WIFO, Kurt Rothschild's life's work is a mission: to seek, with unwavering determination, the contribution that economics can make towards a better and fairer society. He was a great role model for the young staff here, familiarising them with modern national economics, which they could not yet study at Austrian universities at the time, and exemplified the possibility of combining a strong worldview with precise economic analysis. He was one of the leading, globally recognised economists," wrote Karl Aiginger, then Director of WIFO, in his 2010 obituary.

In 1966, Rothschild was appointed to the newly founded University of Linz, where he had the opportunity to breathe life into the newly established degree programme in economics in Austria. He fulfilled this opportunity and this mission in an exemplary manner. His numerous students, many of whom subsequently went on to hold important positions in research, business and politics, bear extensive witness to his outstanding role as a teacher of economic theory and policy. Rothschild worked at the University of Linz until his retirement in 1984 and, during this time, also served as the university's rector for two years (1971 to 1972).

To mark his 95th birthday, WIFO organised a conference on the effects and lasting consequences of the financial crisis, with Kurt Rothschild playing an active role and contributing to the event. The papers were published in a special issue of "Empirica" (Journal of European Economics).