Austrokeynesianism

The term Austrokeynesianism comes from the economic researcher Hans Seidel and describes the Austrian form of Keynesianism , which was particularly shaped by the economic policy of the SPÖ under Bruno Kreisky .

During the 1973 oil crisis , the Kreisky government wanted to counteract the deteriorating economic situation in Austria through deficit spending . To this end, measures such as public contracts for the private sector, export subsidies or the promotion of nationalized industry were implemented. Unemployment in Austria could be kept low compared to other countries and the inflationary development was reduced, for which high budget deficits had to be accepted.

Kreisky's following statement about his budget policy became particularly well-known: “ And if someone asks me how things are with debts, I tell them what I keep saying: That a few billion more debts cause me fewer sleepless nights than a few a hundred thousand unemployed will prepare me. "