{"id":105622,"date":"2024-01-22T14:26:30","date_gmt":"2024-01-22T13:26:30","guid":{"rendered":"https:\/\/www.wifo.ac.at\/publication\/105622\/"},"modified":"2024-11-07T03:05:48","modified_gmt":"2024-11-07T02:05:48","slug":"eine-neubetrachtung-des-oesterreich-paradoxon","status":"publish","type":"publication","link":"https:\/\/www.wifo.ac.at\/en\/publication\/105622\/","title":{"rendered":"The Austrian Paradox Revisited"},"content":{"rendered":"","protected":false},"featured_media":0,"template":"","class_list":["post-105622","publication","type-publication","status-publish","hentry"],"acf":{"subtitle":"","text":"The objective of this study is to investigate the link between industrial structure and macroeconomic performance in terms of income levels and growth. The study has been motivated by the repeated observation of pronounced deficits in the industrial structure of the Austrian economy \u2013 strikingly contrasted by the general perception of its good macroeconomic performance. Panel regressions confirmed that structural change with respect to specific types of industry is a significant determinant of aggregate income levels and growth. The empirical evidence thus substantiates our concern with regard to the Austrian paradox. Industrial structure does matter, and over the long term the lack of structural change in favour of technologically progressive industries implies the danger of a \"growth penalty\". The immediate consequences, however, appear to be small and therefore easily escape public attention. The observation of at least average growth performance during the past cannot eliminate the relevance of the Austrian technology gap. It can only suggest the importance of other determinants of economic growth, which so far have been able to compensate for Austria's deficits in industrial structure. Among these, geographic proximity to dynamic markets and suppliers, a coherent macroeconomic policy, industrial relations and a certain entrepreneurial competence for adaptive specialisation have been singled out as important elements to explain past growth performance. However, not all of the above pieces in the Austrian growth puzzle could be sustained. The potential for additional growth through technological catching-up already disappeared in the 1980s. Participation in the Economic and Monetary Union marked another turning point, at which the concept of a national, demand-oriented macroeconomic policy lost its feasibility. In the light of persistent structural deficits in the sectoral composition of Austria's production, a farsighted concept of economic policy requires better understanding of the link between meso-structures and macro-performance. The study concludes with emphasising three general functions the economic system must achieve in order to support growth and structural change: novelty by entrepreneurship and innovation, the cumulation of productive resources through learning and capital investment, and finally free markets as fair means of selection.","onlinedate":"2001-12-20 12:00:00","lang":"German","publication_series":"","publication_date":"20011201","publication_date_year":"","publication_date_full":false,"publication_num_pages":"","keywords":"[\"Eine Neubetrachtung des \"\u00d6sterreich-Paradoxon\"; The Austrian Paradox Revisited\"]","jelcodes":"[]","related_publications":"[]","pdf":313011,"zip":null,"link":"","monthly_report":true,"monthly_report_main":false,"monthly_report_volume":"74","monthly_report_pages":"737-748","monthly_report_pages_sort":"737","issue":"12","journal":"WIFO-Monatsberichte","publisher":"","invisible":false,"external":false,"embargo_date":"2001-12-20 12:00:00","types":[44312],"research_groups":[3491],"collaboration":"","persons":[3776],"persons_data":"[{\"personId\":3776,\"personName\":\"Michael Peneder\",\"organisationNames\":[]}]","clients":[],"subclients":[],"partners":[],"topics":[],"host_publication_title":"","host_publication_subtitle":"","place_of_publication":"","host_publication_editors":"[]","type_description":"","output_media":"","chapter":"","article_number":"","citations":"{\"apa\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_apa rendering_contributiontoperiodical rendering_apa rendering_contributiontoperiodical_apa\\\"><span>Peneder, M.<\\\/span> (2001). <span>Eine Neubetrachtung des \\\"\u00d6sterreich-Paradoxon\\\"<\\\/span>. <span><em>WIFO-Monatsberichte<\\\/em><\\\/span>, <em>74<\\\/em>(12), 737-748. <a onclick=\\\"window.open(this.href, '_blank','noopener,noreferrer'); return false;\\\" href=\\\"https:\\\/\\\/www.wifo.ac.at\\\/wwa\\\/pubid\\\/20964\\\" class=\\\"link\\\"><span>https:\\\/\\\/www.wifo.ac.at\\\/wwa\\\/pubid\\\/20964<\\\/span><\\\/a><\\\/div>\",\"vancouver\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_vancouver rendering_contributiontoperiodical rendering_vancouver rendering_contributiontoperiodical_vancouver\\\"><span>Peneder M<\\\/span>. <span class=\\\"title\\\"><span>Eine Neubetrachtung des \\\"\u00d6sterreich-Paradoxon\\\"<\\\/span><\\\/span>. <span>WIFO-Monatsberichte<\\\/span>. 2001 Dec;74(12):737-748.<\\\/div>\",\"bibtex\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_bibtex rendering_contributiontoperiodical rendering_bibtex rendering_contributiontoperiodical_bibtex\\\"><div>@misc{ba128502f5ea497a840951335d0f0c9c,<\\\/div><div>  title    = \\\"Eine Neubetrachtung des {\\\"}{\\\\\\\"O}sterreich-Paradoxon{\\\"}\\\",<\\\/div><div>  abstract = \\\"{\\\\\\\"O}sterreichs zufriedenstellende makro{\\\\\\\"o}konomische Performance kann nicht {\\\\\\\"u}ber den Verlust von sehr wesentlichen Faktoren f{\\\\\\\"u}r die Wachstumsleistung in der Vergangenheit hinwegt{\\\\\\\"a}uschen. Der empirische Nachweis des anhaltenden Defizits bez{\\\\\\\"u}glich des Anteils dynamischer, technologieorientierter Branchen und eines positiven Zusammenhangs zwischen Produktionsstruktur und Wirtschaftswachstum unterstreicht die Notwendigkeit einer auf dynamischen Strukturwandel gerichteten Wirtschaftspolitik.\\\",<\\\/div><div>  keywords = \\\"Eine Neubetrachtung des {\\\"}{\\\\\\\"O}sterreich-Paradoxon{\\\"}; The Austrian Paradox Revisited, Eine Neubetrachtung des {\\\"}{\\\\\\\"O}sterreich-Paradoxon{\\\"}; The Austrian Paradox Revisited\\\",<\\\/div><div>  author   = \\\"Michael Peneder\\\",<\\\/div><div>  note     = \\\"Struktur-Performance-Paradoxon\\\",<\\\/div><div>  year     = \\\"2001\\\",<\\\/div><div>  month    = dec,<\\\/div><div>  language = \\\"Deutsch\\\",<\\\/div><div>  volume   = \\\"74\\\",<\\\/div><div>  pages    = \\\"737--748\\\",<\\\/div><div>  journal  = \\\"WIFO-Monatsberichte\\\",<\\\/div><p>}<\\\/p><\\\/div>\",\"ris\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_ris rendering_contributiontoperiodical rendering_ris rendering_contributiontoperiodical_ris\\\"><p>TY  - GEN<\\\/p><p>T1  - Eine Neubetrachtung des \\\"\u00d6sterreich-Paradoxon\\\"<\\\/p><p>AU  - Peneder, Michael<\\\/p><p>N1  - Struktur-Performance-Paradoxon<\\\/p><p>PY  - 2001\\\/12<\\\/p><p>Y1  - 2001\\\/12<\\\/p><p>N2  - \u00d6sterreichs zufriedenstellende makro\u00f6konomische Performance kann nicht \u00fcber den Verlust von sehr wesentlichen Faktoren f\u00fcr die Wachstumsleistung in der Vergangenheit hinwegt\u00e4uschen. Der empirische Nachweis des anhaltenden Defizits bez\u00fcglich des Anteils dynamischer, technologieorientierter Branchen und eines positiven Zusammenhangs zwischen Produktionsstruktur und Wirtschaftswachstum unterstreicht die Notwendigkeit einer auf dynamischen Strukturwandel gerichteten Wirtschaftspolitik.<\\\/p><p>AB  - \u00d6sterreichs zufriedenstellende makro\u00f6konomische Performance kann nicht \u00fcber den Verlust von sehr wesentlichen Faktoren f\u00fcr die Wachstumsleistung in der Vergangenheit hinwegt\u00e4uschen. Der empirische Nachweis des anhaltenden Defizits bez\u00fcglich des Anteils dynamischer, technologieorientierter Branchen und eines positiven Zusammenhangs zwischen Produktionsstruktur und Wirtschaftswachstum unterstreicht die Notwendigkeit einer auf dynamischen Strukturwandel gerichteten Wirtschaftspolitik.<\\\/p><p>KW  - Eine Neubetrachtung des \\\"\u00d6sterreich-Paradoxon\\\"; The Austrian Paradox Revisited<\\\/p><p>KW  - Eine Neubetrachtung des \\\"\u00d6sterreich-Paradoxon\\\"; The Austrian Paradox Revisited<\\\/p><p>M3  - WIFO-Schriftenreihen<\\\/p><p>VL  - 74<\\\/p><p>SP  - 737<\\\/p><p>EP  - 748<\\\/p><p>JO  - WIFO-Monatsberichte<\\\/p><p>JF  - WIFO-Monatsberichte<\\\/p><p>ER  - <\\\/p><\\\/div>\"}","scientific_assistance":"[]","scientific_review":"[]","version":"","release_date":null,"expiration_date":null,"surveyor":"","research_assistance":"","edv":"","additional_info_de":"","additional_info_en":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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