The present study examines the question how the Austrian experience made and continues to make an impact on the economic "catch-up" policies of Hungary and other neighboring states. The author gives special attention to the social-economic transformation of Austria leading to EU-membership and advanced R&D; policies, then presents the conceptions of Hungarian economists and commentators on reaching the economic standards of Austria. He also discusses the parallel experiences of Finland.Pál Bödy, Ph.D. in History (University of Notre Dame). He is a retired Associate Professor of Regional...