The article deals with problems of economic growth of Austria in the period of 1945—1953. Analysis of the economic growth process is conducted in a way that would allow to show the special economic role which was played by American economic, aid implemented within the framework of the Marshall's plan for reconstruction of Austrian economy. The author stresses supremacy of political goals, which W. Truman's administration attached to the plan and he points that the basic economic mechanism of infulence exerted by this aid resulted from the fact that with limited possibilities of internal accumulation it represenied an important source of obtaining economic surplus. Earmarking of economic surplus for investment targets became an essentian factor of economic accelerattion achieved over the period of 1948—1951. Summing up, It should be stressed that foreign aid within the Marshall's plan and implementation of the four-year period of reconstruction of Austria's economy possible owing to this aid, combined with a successful stabilization policy of 1952—1953, provided foundations for „Austrian economic miracle" of the fifties.
The article presents the theoretical concept of "supply-side economics ", which at the turn of the seventies and the eighties created a new paradigm of non-Marxist economy terminating an almost halfa c entury long domination of Keynesian concepts in the economic policy of most capitalist states. The author focusses his attention on presentation of the main theoretical theses of "supply-sid e eoonomics" and seeks their sources in the liberal tradition of the political economy. In particular, he points at strong affiliations of "supply-side economic" with the scientific output of 19th century's liberals - A. Smith, D. Ricardo, and J. B. Say, with the writings of the marginal school , and with the works of A. Marshall - a leading representative of the Neoclassical school of economics.
The article contains an analysis of the U.S. economic policy in the years 1980-1984. In 1980, when president R.Reagan was elected U.S. president, there was initiated in the Unted State sthe economic policy based on principles of the theoretical concept of "Supply-Side Economics" constituting the most radical turn in the U.S. economic policy since the time of the New Deal o f Franklin D. Roosevelt. The author focusses his attention on analysis of four main packages of measures under taken by R. Reagan’s. administration: reduction of taxes, budget reform, deregulation, and new money policy. Effects of realization of Reagan’s plans are assessed in the final part of the article.
The article contains an analysis of problems accompanying the economic growth of the Republic of Austria over the period of 1954— 1974. Selection of this problem area was due to the fact that in the period following World War 2 Austria scored considerable economic successes in comparison with the other capitalist countries in Europe. The article sets forward to present the formation of fundamental synthetic economic magnitudes characterizing growth of the economy, division into stages of the period, and analysis of the growth from the point of defining the most important determinants.
The article presents evolution of the economic policy concept in Austria after the Second World War. The author distinguishes two main stages in Austria's postwar economic policy. The first stage in the years 1955—1970 was a period characterized by predominance of the concept of „social market economy", which constituted a political credo of the Christian Democratic Party being at power in those yeairs. A turning point in the previous neoliberal tradition of the economic policy in Austria took place when the Social Democratic Party came to power. Its „Austrokeynesism" concept realized in the years 1970—1986 may be included to the post-Keynesian trend.
The paper attempts to define the Keynesian concept of economic policy and contains a general presentation of Keynesian economics including its major currents. Furthermore, the paper presents the concept of the Austrian school of Keynesianism, which is included by the author in the fundamental current of Keynesianism
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