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82-624: The March of Styria derived its name from the original seat of its ruling Otakar dynasty: Steyr , in today's Upper Austria , which in turn derives its name from the namesake river of Steyr, stemming from the Celtic Stiria. In the native German the area is still called "Steiermark", while in English the Latin name "Styria" is used. Until the late 19th century however, the German name "Steyer",

164-681: A condition known as the Malthusian trap . The rapid economic growth that occurred during the Industrial Revolution was remarkable because it was in excess of population growth, providing an escape from the Malthusian trap. Countries that industrialized eventually saw their population growth slow down, a phenomenon known as the demographic transition . Increases in productivity are the major factor responsible for per capita economic growth—this has been especially evident since

246-416: A financial year. Statisticians conventionally measure such growth as the percent rate of increase in the real and nominal gross domestic product (GDP). Growth is usually calculated in real terms – i.e., inflation-adjusted terms – to eliminate the distorting effect of inflation on the prices of goods produced. Measurement of economic growth uses national income accounting . Since economic growth

328-400: A major role to a country's level of human capital , defined as the skills of the population or the work force. Human capital has been included in both neoclassical and endogenous growth models. A country's level of human capital is difficult to measure since it is created at home, at school, and on the job. Economists have attempted to measure human capital using numerous proxies, including

410-679: A march of the Duchy of Bavaria , around 970 as a buffer zone against the Hungarian invasions . Under the overlordship of the Carinthian dukes from 976 onwards, the territory evolved to be called Styria , so named for the town of Steyr , then the residence of the Otakar margraves. It became an Imperial State in its own right, when the Otakars were elevated to Dukes of Styria in 1180. After

492-558: A point increases in the amount of capital per worker are an important cause of economic output growth. Capital is subject to diminishing returns because of the amount that can be effectively invested and because of the growing burden of depreciation. In the development of economic theory, the distribution of income was considered to be between labor and the owners of land and capital. In recent decades there have been several Asian countries with high rates of economic growth driven by capital investment. The work week declined considerably over

574-404: A result instituting an economic-demographic transition. The relationship between health and economic growth is further nuanced by distinguishing the influence of specific diseases on GDP per capita from that of aggregate measures of health , such as life expectancy Thus, investing in health is warranted both from the growth and equity perspectives, given the important role played by health in

656-562: A series of inquiries undertaken by the parliamentary Business, Energy and Industrial Strategy Committee , which argues that the UK Government "has a big job to do in helping businesses survive, stimulating economic growth and encouraging the creation of well-paid meaningful jobs". Policymakers and scholars frequently emphasize the importance of entrepreneurship for economic growth. However, surprisingly few research empirically examine and quantify entrepreneurship's impact on growth. This

738-503: A slightly modernized spelling of Steyr, was also common. The ancient link between the city of Steyr and Styria is also apparent in their nearly identical coats of arms, a white Panther on a green background. Styria is also popularly known as the "Green March", owing to it being the most forested of all the Austrian states, or as the "Iron Margraviate" for its long heritage of manufacturing and engineering. The western and eastern parts of

820-569: A ÖVP candidate. In the 2021 municipal election in Graz, the Communist Party of Austria (KPÖ) surprisingly took over first place from the ÖVP, thus pushing long-time mayor Siegfried Nagl (ÖVP) out of office. The result was noted internationally. Elke Kahr led the KPÖ for a third time in the 2021 Graz local election . Despite opinion polling suggesting a victory for the ruling ÖVP, the KPÖ became

902-589: Is a table which shows GDP per person and annualized per person GDP growth for a selection of countries over a period of about 100 years. The GDP per person data are adjusted for inflation, hence they are " real ". GDP per person (more commonly called "per capita" GDP) is the GDP of the entire country divided by the number of people in the country; GDP per person is conceptually analogous to " average income ". Seemingly small differences in yearly GDP growth lead to large changes in GDP when compounded over time. For instance, in

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984-470: Is actually due to the relationship in countries with less than eight years of schooling. He shows that economic growth is not correlated with average scores in more educated countries. Hanushek and Wößmann further investigate whether the relationship of knowledge capital to economic growth is causal. They show that the level of students' cognitive skills can explain the slow growth in Latin America and

1066-421: Is ample empirical evidence. "As institutions influence behavior and incentives in real life, they forge the success or failure of nations." In economics and economic history, the transition from earlier economic systems to capitalism was facilitated by the adoption of government policies which fostered commerce and gave individuals more personal and economic freedom. These included new laws favorable to

1148-457: Is approached as a functioning from Amartya Sen and Martha Nussbaum 's capability approach that an individual has to realise the achievements like economic success. Thus health in a broader sense is not the absence of illness, but the opportunity for people to biologically develop to their full potential their entire lives It is established that human capital is an important asset for economic growth, however, it can only be so if that population

1230-465: Is due to endogeneity—forces that drive economic growth also drive entrepreneurship. In other words, the empirical analysis of the impact of entrepreneurship on growth is difficult because of the joint determination of entrepreneurship and economic growth. A few papers use quasi-experimental designs, and have found that entrepreneurship and the density of small businesses indeed have a causal impact on regional growth. Another major cause of economic growth

1312-517: Is healthy and well-nourished. One of the most important aspects of health is the mortality rate and how the rise or decline can affect the labour supply predominant in a developing economy. Mortality decline triggers greater investments in individual human capital and an increase in economic growth. Matteo Cervellati and Uwe Sunde and Rodrigo.R Soares consider frameworks in which mortality decline has an influence on parents to have fewer children and to provide quality education for those children, as

1394-481: Is measured as the annual percent change of gross domestic product (GDP), it has all the advantages and drawbacks of that measure. The economic growth-rates of countries are commonly compared using the ratio of the GDP to population or per-capita income . The "rate of economic growth" refers to the geometric annual rate of growth in GDP between the first and the last year over a period of time. This growth rate represents

1476-416: Is not exactly middle-income trap. It is observed for both developed and developing economies. Actually, countries having this property belong to conventional growth domain . However, the extremum could be extended by technological and policy innovations and some countries move into innovative growth domain with higher limiting values. In national income accounting, per capita output can be calculated using

1558-779: Is not so easily replicable elsewhere as a change in the Constitution—and the type of institutions created by that change—does not necessarily create a change in political power if the economic powers of that society are not aligned with the new set of rule of law institutions. In England, a dramatic increase in the state's fiscal capacity followed the creation of constraints on the crown, but elsewhere in Europe increases in state capacity happened before major rule of law reforms. There are many different ways through which states achieved state (fiscal) capacity and this different capacity accelerated or hindered their economic development. Thanks to

1640-434: Is termed the business cycle . Generally, according to economists, the ups and downs in the business cycle can be attributed to fluctuations in aggregate demand . In contrast, economic growth is concerned with the long-run trend in production due to structural causes such as technological growth and factor accumulation. Increases in labor productivity (the ratio of the value of output to labor input) have historically been

1722-416: Is the introduction of new products and services and the improvement of existing products. New products create demand, which is necessary to offset the decline in employment that occurs through labor-saving technology (and to a lesser extent employment declines due to savings in energy and materials). In the U.S. by 2013 about 60% of consumer spending was for goods and services that did not exist in 1869. Also,

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1804-420: Is widely used because Barro and Lee provide data for numerous countries in five-year intervals for a long period of time. One problem with the schooling attainment measure is that the amount of human capital acquired in a year of schooling is not the same at all levels of schooling and is not the same in all countries. This measure also presumes that human capital is only developed in formal schooling, contrary to

1886-558: The Alliance for the Future of Austria (BZÖ) , failed to win seats. In subsequent elections in 2010 and 2015, the SPÖ, the ÖVP, and the KPÖ each lost between one fourth and one third of their shares of the vote relative to 2005. The FPÖ grew from 4.6 percent to 26.8 percent. The current government of Styria is a coalition of SPÖ and ÖVP. The governor, Christopher Drexler , is a representative of

1968-621: The Great Depression , economic growth resumed, aided in part by increased demand for existing goods and services, such as automobiles, telephones, radios, electricity and household appliances. New goods and services included television, air conditioning and commercial aviation (after 1950), creating enough new demand to stabilize the work week. The building of highway infrastructures also contributed to post-World War II growth, as did capital investments in manufacturing and chemical industries. The post-World War II economy also benefited from

2050-538: The Green Revolution . Interchangeable parts made with machine tools powered by electric motors evolved into mass production , which is universally used today. Great sources of productivity improvement in the late 19th century were railroads, steam ships, horse-pulled reapers and combine harvesters , and steam -powered factories. The invention of processes for making cheap steel were important for many forms of mechanization and transportation. By

2132-494: The Habsburgs reunified Austria in 1282, Pitten was returned to Styria until the 16th century when Austria finally annexed it. During this time, Styria formed the central part of Inner Austria . Styria developed economically under Archduke John of Austria , the so-called "Styrian Prince", between 1809 and 1859. In 1918, after World War I , the Duchy of Styria was partitioned broadly along ethnic lines (, though where mixed,

2214-673: The Hungarian forces in the 1044 Battle of Ménfő . The Carantanian lands were largely settled by Germans and Christianized by the Archbishops of Salzburg . In 1004, the Bavarian count palatines of the Aribonid dynasty founded the Benedictine nunnery of Göss , which was elevated to an Imperial abbey by Emperor Henry II in 1020. Archbishop Gebhard of Salzburg established Admont Abbey in 1074, and St. Lambrecht's Abbey

2296-561: The Indian subcontinent and Asia Pacific . In 1957 South Korea had a lower per capita GDP than Ghana , and by 2008 it was 17 times as high as Ghana's. The Japanese economic growth has slackened considerably since the late 1980s. Productivity in the United States grew at an increasing rate throughout the 19th century and was most rapid in the early to middle decades of the 20th century. U.S. productivity growth spiked towards

2378-580: The Mincer model . Eric Hanushek and Dennis Kimko introduced measures of students' mathematics and science skills from international assessments into growth analysis. They found that this measure of human capital was very significantly related to economic growth. Eric Hanushek and Ludger Wößmann have extended this analysis. Theodore Breton shows that the correlation between economic growth and students' average test scores in Hanushek and Wößmann's analyses

2460-690: The Slavic settlement of the Eastern Alps from about 590 and the establishment of the Carantanian principality in the 7th century, the area had fallen under Bavarian suzerainty, when about 740 Prince Boruth asked Duke Odilo for help against invading Avar forces. Incorporated into the Carolingian Empire by Charlemagne , Frankish manoralism was introduced and the northwestern areas were resettled by Bavarian peasants. The population

2542-621: The United Nations also consider that cultural property protection, high-quality education, cultural diversity and social cohesion in armed conflicts are particularly necessary for qualitative growth. According to Daron Acemoglu , Simon Johnson and James Robinson , the positive correlation between high income and cold climate is a by-product of history. Europeans adopted very different colonization policies in different colonies, with different associated institutions. In places where these colonizers faced high mortality rates (e.g., due to

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2624-654: The Zeltweg Airfield in 1964 and then at the Osterreichring from 1970 to 1987. The sport returned to the circuit, now redesigned and rebranded as the A1-Ring, from 1997 to 2003. Formula One once again returned to the circuit, now renamed the Red Bull Ring, in 2014 and has been held at the track every year since. The COVID-19 pandemic saw the 2020 Formula One calendar massively revised, resulting in

2706-691: The allodial possessions of their Eppenstein predecessors in Upper Styria . Once the political turmoils of the fierce Investiture Controversy had ended, Margrave Leopold the Strong (1122–1129) and his son Ottokar III (1129–1164) gradually gained independence from the Carinthian dukes and were able to acquire large territories along the Savinja river down to the Windic March . Leopold had

2788-530: The 19th century. By the 1920s the average work week in the U.S. was 49 hours, but the work week was reduced to 40 hours (after which overtime premium was applied) as part of the National Industrial Recovery Act of 1933. Demographic factors may influence growth by changing the employment to population ratio and the labor force participation rate. Industrialization creates a demographic transition in which birth rates decline and

2870-566: The English in North America started by trying to repeat the success of the Spanish Conquistadors in extracting wealth (especially gold and silver) from the countries they had conquered. This system repeatedly failed for the English. Their successes rested on giving land and a voice in the government to every male settler to incentivize productive labor. In Virginia it took twelve years and many deaths from starvation before

2952-552: The People's Party. His deputy, Anton Lang, is a SPÖ member. March of Styria The March of Styria ( Latin : Marchia Stirensis ; German : Steiermark ), originally known as Carantanian march ( Karantanische Mark , marchia Carantana after the former Slavic principality of Carantania ), was a southeastern frontier march of the Holy Roman Empire . It was broken off the larger March of Carinthia , itself

3034-538: The Red Bull Ring becoming the first circuit to host consecutive Formula One World Championship Grands Prix, with the first round running under the Austrian Grand Prix name and the second held as the Styrian Grand Prix. This continued in 2021. The federal state is divided into 13 districts ( Bezirke ), one of them a statutory city . There are 286 municipalities. The following is a list of

3116-404: The U.S. about 60% of consumer spending in 2013 went on goods and services that did not exist in 1869. The economic growth rate is typically calculated as real GDP growth rate , real GDP per capita growth rate or GNI per capita growth . Living standards vary widely from country to country, and furthermore, the change in living standards over time varies widely from country to country. Below

3198-627: The US and by 1.47% in the UK. Thus, a difference in GDP growth by only a few tenths of a percent per year results in large differences in outcomes when the growth is persistent over a generation. This and other observations have led some economists to view GDP growth as the most important part of the field of macroeconomics : ...if we can learn about government policy options that have even small effects on long-term growth rates, we can contribute much more to improvements in standards of living than has been provided by

3280-600: The above table, GDP per person in the United Kingdom in the year 1870 was $ 4,808. At the same time in the United States, GDP per person was $ 4,007, lower than the UK by about 20%. However, in 2008 the positions were reversed: GDP per person was $ 36,130 in the United Kingdom and $ 46,970 in the United States, i.e. GDP per person in the US was 30% more than it was in the UK. As the above table shows, this means that GDP per person grew, on average, by 1.80% per year in

3362-431: The accumulation of human and physical capital and the increase in productivity and creation of new goods arising from technological innovation. Further division of labour (specialization) is also fundamental to rising productivity. Before industrialization technological progress resulted in an increase in the population, which was kept in check by food supply and other resources, which acted to limit per capita income,

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3444-470: The areas of health in near future uncover how the world will be performing living with the SARS-CoV-2 , especially looking at the economic impacts it already has in a space of two years. Ultimately, when people live longer on average, human capital expenditures are more likely to pay off, and all of these mechanisms center around the complementarity of longevity, health , and education , for which there

3526-506: The average age of the population increases. Women with fewer children and better access to market employment tend to join the labor force in higher percentages. There is a reduced demand for child labor and children spend more years in school. The increase in the percentage of women in the labor force in the U.S. contributed to economic growth, as did the entrance of the baby boomers into the workforce. See: Spending wave Many theoretical and empirical analyses of economic growth attribute

3608-465: The defeated Austrian side lost the lands in question to Yugoslavia, such as the majority German-speaking Abstall basin,) into a northern part, constituting the Austrian state of Styria, as well as the continuation of the Styrian state altogether, and a southern one, traditionally called Lower Styria , though Lower Styria does not exist as any political entity and is only a traditional term. As a result of

3690-511: The demise of the Babenberg dynasty (to which Leopold belonged), Styria came briefly under the control of Hungary and later Bohemia. During this time, it lost vast parts of its territory, including the former capital Steyr (which would later form a significant part of the emerging "Duchy of Austria above the Enns" or Upper Austria), as well as Pitten (now the southeastern part of Lower Austria). When

3772-609: The discovery of vast amounts of oil around the world, particularly in the Middle East . By John W. Kendrick's estimate, three-quarters of increase in U.S. per capita GDP from 1889 to 1957 was due to increased productivity. Economic growth in the United States slowed down after 1973. In contrast, growth in Asia has been strong since then, starting with Japan and spreading to Four Asian Tigers , China , Southeast Asia ,

3854-424: The district Graz-Umgebung (literally, "Graz-surroundings") may or may not be considered parts of West and East Styria, respectively. The southern fourth of the historic Duchy of Styria , which after World War I became part of Yugoslavia and later Slovenia (except for World War II), was (and sometimes colloquially still is) referred to as " Lower Styria " ( Untersteiermark ; Slovene : Štajerska ). Styria

3936-663: The east. When in 976 King Otto II separated the Duchy of Carinthia from the Bavarian stem duchy, it included the marches of Verona , Istria , Carniola , and the marchia Carantana (Styria), comprising the adjacent eastern territory beyond the Koralpe range on to the Mur , Mürz and Enns rivers. In 1042/43 further territory east of the Mur up to Pitten and the Leitha river was conquered by King Henry III of Germany , who finally defeated

4018-533: The economical production of metal parts possible, so that parts could be interchangeable. (See: Interchangeable parts .) During the Second Industrial Revolution , a major factor of productivity growth was the substitution of inanimate power for human and animal labor. Also there was a great increase in power as steam-powered electricity generation and internal combustion supplanted limited wind and water power . Since that replacement,

4100-483: The economy. Protecting health assets from the impact of systemic transitional costs on economic reforms, pandemics, economic crises and natural disasters is also crucial. Protection from the shocks produced by illness and death, are usually taken care of within a country’s social insurance system. In areas such as Sub-Saharan Africa, where the prevalence of HIV and AIDS , has a comparative negative impact on economical development. It will be interesting to see how research in

4182-504: The end of the century in 1996–2004, due to an acceleration in the rate of technological innovation known as Moore's law . After 2004 U.S. productivity growth returned to the low levels of 1972–96. Capital in economics ordinarily refers to physical capital, which consists of structures (largest component of physical capital) and equipment used in business (machinery, factory equipment, computers and office equipment, construction equipment, business vehicles, medical equipment, etc.). Up to

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4264-452: The entire history of macroeconomic analysis of countercyclical policy and fine-tuning. Economic growth [is] the part of macroeconomics that really matters. It has been observed that GDP growth is influenced by the size of the economy. The relation between GDP growth and GDP across the countries at a particular point of time is convex. Growth increases as GDP reaches its maximum and then begins to decline. There exists some extremum value. This

4346-607: The establishment of business, including contract law , laws providing for the protection of private property , and the abolishment of anti-usury laws. Much of the literature on economic growth refers to the success story of the British state after the Glorious Revolution of 1688, in which high fiscal capacity combined with constraints on the power of the king generated some respect for the rule of law. However, others have questioned that this institutional formula

4428-469: The extensive evidence that families, neighborhoods, peers, and health also contribute to the development of human capital. Despite these potential limitations, Theodore Breton has shown that this measure can represent human capital in log-linear growth models because across countries GDP/adult has a log-linear relationship to average years of schooling, which is consistent with the log-linear relationship between workers' personal incomes and years of schooling in

4510-543: The following factors: output per unit of labor input (labor productivity), hours worked (intensity), the percentage of the working-age population actually working (participation rate) and the proportion of the working-age population to the total population (demographics). "The rate of change of GDP/population is the sum of the rates of change of these four variables plus their cross products." Economists distinguish between long-run economic growth and short-run economic changes in production . Short-run variation in economic growth

4592-788: The foundations of modern rule of law states. In many poor and developing countries much land and housing are held outside the formal or legal property ownership registration system. In many urban areas the poor "invade" private or government land to build their houses, so they do not hold title to these properties. Much unregistered property is held in informal form through various property associations and other arrangements. Reasons for extra-legal ownership include excessive bureaucratic red tape in buying property and building. In some countries, it can take over 200 steps and up to 14 years to build on government land. Other causes of extra-legal property are failures to notarize transaction documents or having documents notarized but failing to have them recorded with

4674-482: The governor decided to try democracy. Economic growth, its sustainability and its distribution remain central aspects of government policy. For example, the UK Government recognises that "Government can play an important role in supporting economic growth by helping to level the playing field through the way it buys public goods, works and services ", and "Post- Pandemic Economic Growth" has been featured in

4756-519: The great expansion of total power was driven by continuous improvements in energy conversion efficiency . Other major historical sources of productivity were automation , transportation infrastructures (canals, railroads, and highways), new materials (steel) and power, which includes steam and internal combustion engines and electricity . Other productivity improvements included mechanized agriculture and scientific agriculture including chemical fertilizers and livestock and poultry management, and

4838-417: The gross regional product (GRP) and is one of the highest concentrations of leading clean technology companies in Europe. The companies have an average (real) growth rate of 22 percent per year—well above the worldwide cleantech market growth of 18 percent per year. The region created roughly 2,000 additional green jobs in 2008 alone. The Formula One Austrian Grand Prix has been held in the region, first at

4920-717: The identity or type of legal system of the colonizers to explain institutions, these authors look at the environmental conditions in the colonies to explain institutions. For instance, former colonies have inherited corrupt governments and geopolitical boundaries (set by the colonizers) that are not properly placed regarding the geographical locations of different ethnic groups, creating internal disputes and conflicts that hinder development. In another example, societies that emerged in colonies without solid native populations established better property rights and incentives for long-term investment than those where native populations were large. In Why Nations Fail , Acemoglu and Robinson said that

5002-571: The largest party with 28.8% of votes and 15 seats. After the election, the KPÖ entered into coalition talks with The Greens – The Green Alternative and the Social Democratic Party of Austria (SPÖ) . On November 13, 2021, the KPÖ, the Greens and the SPÖ announced their coalition: Graz gets a communist mayor with Elke Kahr. In the 2005 elections for the federal state's parliament the SPÖ under their regional chairman Franz Voves won

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5084-479: The late 19th century both prices and weekly work hours fell because less labor, materials, and energy were required to produce and transport goods. However, real wages rose, allowing workers to improve their diet, buy consumer goods and afford better housing. Mass production of the 1920s created overproduction , which was arguably one of several causes of the Great Depression of the 1930s. Following

5166-491: The majority after the ÖVP had damaged its credibility through scandals and the secession of a high-ranking party member, who took part in the 2005 elections after setting up his own party. In these elections, the KPÖ also received many votes after it had gained much popularity through its role in local politics in Graz during the preceding years. The two right-wing populist parties, the Freedom Party of Austria (FPÖ) and

5248-591: The mid-19th century. Most of the economic growth in the 20th century was due to increased output per unit of labor, materials, energy, and land (less input per widget). The balance of the growth in output has come from using more inputs. Both of these changes increase output. The increased output included more of the same goods produced previously and new goods and services. During the Industrial Revolution , mechanization began to replace hand methods in manufacturing, and new processes streamlined production of chemicals, iron, steel, and other products. Machine tools made

5330-497: The most important source of real per capita economic growth. In a famous estimate, MIT Professor Robert Solow concluded that technological progress has accounted for 80 percent of the long-term rise in U.S. per capita income, with increased investment in capital explaining only the remaining 20 percent. Increases in productivity lower the real cost of goods. Over the 20th century, the real price of many goods fell by over 90%. Economic growth has traditionally been attributed to

5412-517: The nine largest cities and towns in Styria by population: (as of 2023) The historical population is given in the following chart: The federal state had been a stronghold of the Austrian People's Party (ÖVP) since 1945. Graz is markedly more left-wing than the rural districts of the federal state. The governor (Austrian political term: Landeshauptmann ) of Styria has typically been

5494-800: The official agency. Not having clear legal title to property limits its potential to be used as collateral to secure loans, depriving many poor countries of one of their most important potential sources of capital. Unregistered businesses and lack of accepted accounting methods are other factors that limit potential capital. Businesses and individuals participating in unreported business activity and owners of unregistered property face costs such as bribes and pay-offs that offset much of any taxes avoided. "Democracy Does Cause Growth", according to Acemoglu et al. Specifically, they state that "democracy increases future GDP by encouraging investment, increasing schooling, inducing economic reforms, improving public goods provision, and reducing social unrest". UNESCO and

5576-441: The population's level of literacy, its level of numeracy, its level of book production/capita, its average level of formal schooling, its average test score on international tests, and its cumulative depreciated investment in formal schooling. The most commonly-used measure of human capital is the level (average years) of school attainment in a country, building upon the data development of Robert Barro and Jong-Wha Lee. This measure

5658-505: The presence of tropical diseases), they could not settle permanently, and they were thus more likely to establish extractive institutions, which persisted after independence; in places where they could settle permanently (e.g. those with temperate climates), they established institutions with this objective in mind and modeled them after those in their European homelands. In these 'neo-Europes' better institutions in turn produced better development outcomes. Thus, although other economists focus on

5740-575: The rapid growth in East Asia. Joerg Baten and Jan Luiten van Zanden employ book production per capita as a proxy for sophisticated literacy capabilities and find that "Countries with high levels of human capital formation in the 18th century initiated or participated in the industrialization process of the 19th century, whereas countries with low levels of human capital formation were unable to do so, among them many of today's Less Developed Countries such as India, Indonesia, and China." Here, health

5822-648: The same time, Bavarians under Frankish domination began to expand their area to the south and east, ultimately absorbing the Slavic population. Under the Otakar dynasty, Styria was made into a margraviate in 1056 and in 1180, also separated from the Duchy of Carinthia to become a Duchy of its own; Per the Georgenberg Pact , the Austrian Duke Leopold V also became Duke of Styria in 1192. After

5904-700: The seventeenth century. Furthermore, Prussia and the Habsburg empire—much more heterogeneous states than England—were able to increase state capacity during the eighteenth century without constraining the powers of the executive. Nevertheless, it is unlikely that a country will generate institutions that respect property rights and the rule of law without having had first intermediate fiscal and political institutions that create incentives for elites to support them. Many of these intermediate level institutions relied on informal private-order arrangements that combined with public-order institutions associated with states, to lay

5986-455: The town and castle of Hartberg laid out. Margrave Ottokar III extended his influence down the Mur river into the Mark an der Sann territory ( Lower Styria ) and moved his residence to Graz ; he already began to call himself princeps . In 1180, his son and successor Margrave Ottokar IV was finally elevated to the rank of Duke of Styria by Emperor Frederick Barbarossa . However, Ottokar IV

6068-580: The trend in the average level of GDP over the period, and ignores any fluctuations in the GDP around this trend. Economists refer to economic growth caused by more efficient use of inputs (increased productivity of labor , of physical capital , of energy or of materials ) as intensive growth . In contrast, GDP growth caused only by increases in the amount of inputs available for use (increased population, for example, or new territory) counts as extensive growth . Development of new goods and services also generates economic growth. As it so happens, in

6150-543: The turbulence of two world wars, the German -speaking population of Lower Styria , which had mainly been concentrated in the cities, particularly the so-called "Festungsdreieck" (fortress-triangle) of Maribor (Marburg an der Drau), Celje (Cilli) and Ptuj (Pettau) migrated from the region or was expelled. The federal state's gross domestic product (GDP) was 49.6 billion € in 2018, accounting for 12.9% of Austria's economic output. GDP per capita adjusted for purchasing power

6232-631: The underlying homogeneity of its land and people, England was able to achieve a unified legal and fiscal system since the Middle Ages that enabled it to substantially increase the taxes it raised after 1689. On the other hand, the French experience of state building faced much stronger resistance from local feudal powers keeping it legally and fiscally fragmented until the French Revolution despite significant increases in state capacity during

6314-538: Was Christianized by the Archbishops of Salzburg . However, large parts of former Carantania were again lost during the invasion of Hungarian troops culminating in the East Frankish defeat in the 907 Battle of Pressburg . King Otto I of Germany ended the Hungarian invasions in the 955 Battle of Lechfeld . In the aftermath, the former Carantanian lands were reconquered up to the Lafnitz River in

6396-601: Was 35,400 € or 118% of the EU27 average in the same year. In 2004, Styria had the strongest economic growth rate in Austria at 3.8%—mainly due to the Graz area, which saw strong economic growth that year and has continued to grow in economic and population terms since then. Styria is home to more than 150 clean technology companies of which one dozen are world technology leaders in their field. The revenue of Styrian cleantech companies totals €2.7 billion. This equals 8 percent of

6478-574: Was also enfeoffed with the Duchy of Carinthia in 1011/12, but was deposed for alleged high treason by Emperor Conrad II in 1035. In 1053/54, the margravial lands were pillaged by the forces of the deposed Bavarian duke Conrad I and Duke Welf of Carinthia . From 1056 onwards, the march was ruled by the Chiemgau count Ottokar I and his descendants of the Otakar dynasty, who were first mentioned as "Margraves of Steyr" in 1074. In 1122, they also inherited

6560-495: Was also the last Otakar duke. The line became extinct upon his death in 1192, whereafter the Styrian lands were inherited by the Babenberg dukes of Austria according to the 1186 Georgenberg Pact . Otakars (1056–1180): Economic growth Heterodox Economic growth can be defined as the increase or improvement in the inflation-adjusted market value of the goods and services produced by an economy in

6642-593: Was founded as a proprietary monastery of the noble House of Eppenstein two years later. Further cloister foundations included the Cistercian abbey of Rein in 1129, Seckau Abbey in 1140, Spital am Semmering in 1160, the Augustinian monastery of Vorau in 1163, and the charterhouse of Seitz (Žiče) in 1164. The first margraves from the House of Eppenstein appear in the late 10th century. Margrave Adalbero

6724-891: Was inhabited by Celtic tribes. After its conquest by the Romans , the eastern part of what is now Styria was part of Pannonia , while the western one was included in Noricum . During the Barbarian invasions , it was conquered or crossed by the Visigoths , the Huns , the Ostrogoths , the Rugii , and the Lombards . Slavs under the domination of the Avars settled in the valleys around 600. At

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