The economic and societal impact of universities in Austria

It is widely recognised that universities play a major role in science-based societies, producing a variety of significant economic and societal impacts. However, quantification of the economic impact often remains limited due to methodological and data problems. Most economic impact studies focus on short-term multiplier effects of university investment and expenditures by staff and students. This study investigates both short-term multiplier effects and longer-term productivity impacts of universities to illustrate more fully the economic impact of universities in Austria. Productivity effects are examined using both an extended regionalised input-output model of the Austrian economy and econometric estimations of the impact of university research and graduates. In addition, the study provides an overview of non-monetary effects of universities on graduates, society and cultural developments.