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Austria, formally the Republic of Austria, is a country in Central Europe, lying in the Eastern Alps. It is a federation of nine states, one of which is the capital, Vienna, the most populous city and state. Austria is bordered by Germany to the northwest, the Czech Republic to the north, Slovakia to the northeast, Hungary to the east, Slovenia and Italy to the south, and Switzerland and Liechtenstein to the west. The landlocked country occupies an area of 83,879 km2 (32,386 sq mi) and has a population of around 9 million.

The area of today's Austria has been inhabited since at least the Paleolithic period. Around 400 BC, it was inhabited by the Celts and then annexed by the Romans in the late 1st century BC. Christianization in the region began in the 4th and 5th centuries, during the late Roman period, followed by the arrival of numerous Germanic tribes during the Migration Period. Austria, as a unified state, emerged from the remnants of the Eastern and Hungarian March at the end of the first millennium, first as a frontier march of the Holy Roman Empire, it then developed into a duchy in 1156, and was made an Archduchy in 1453. Being the heartland of the Habsburg monarchy since the late 13th century, Austria was a major imperial power in Central Europe for centuries and from the 16th century, Vienna was also serving as the Holy Roman Empire's administrative capital. Before the dissolution of the empire two years later, in 1804, Austria established its own empire, which became a great power and one of the largest states in Europe. The empire's defeat in wars and the loss of territories in the 1860s paved the way for the establishment of Austria-Hungary in 1867.

After the assassination of Archduke Franz Ferdinand in 1914, Emperor Franz Joseph declared war on Serbia, which ultimately escalated into World War I. The empire's defeat and subsequent collapse led to the proclamation of the Republic of German-Austria in 1918 and the First Austrian Republic in 1919. During the interwar period, anti-parliamentarian sentiments culminated in the formation of an Austrofascist dictatorship under Engelbert Dollfuss in 1934. A year before the outbreak of World War II, Austria was annexed into Nazi Germany by Adolf Hitler, and it became a sub-national division. After its liberation in 1945 and a decade of Allied occupation, the country regained its sovereignty and declared its perpetual neutrality in 1955.

Austria is a semi-presidential representative democracy with a popularly elected president as head of state and a chancellor as head of government and chief executive. Austria has the 13th highest nominal GDP per capita with high standards of living. The country has been a member of the United Nations since 1955 and of the European Union since 1995. It hosts the Organization for Security and Co-operation in Europe (OSCE) and the Organization of the Petroleum Exporting Countries (OPEC) and is a founding member of the Organisation for Economic Co-operation and Development (OECD) and Interpol. It also signed the Schengen Agreement in 1995, and adopted the euro currency in 1999. (Full article...)
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Gardens of Mirabell in Salzburg

Salzburg (Bavarian: Såizburg; literally: "Salt Fortress") is the fourth-largest city in Austria and the capital of the federal state of Salzburg.

Salzburg's "Old Town" (Altstadt) with its world famous baroque architecture is one of the best-preserved city centres north of the Alps, and was listed as a UNESCO World Heritage Site in 1997. The city is noted for its Alpine setting. Salzburg was the birthplace of 18th-century composer Wolfgang Amadeus Mozart. In the mid-20th century, the city was the setting for parts of the musical and film The Sound of Music, which also features famous landmarks in Austria. With three universities, Salzburg is the capital city of the State of Salzburg (Land Salzburg), and is home to a large student population.

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Statue of Athena outside the Austrian Parliament
Statue of Athena outside the Austrian Parliament

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Ludwig von Mises

Edler Ludwig Heinrich von Mises (German pronunciation: [ˈluːtvɪç fɔn ˈmiːzəs]; September 29, 1881 – October 10, 1973) was an Austrian economist, philosopher, and classical liberal who was a prominent figure in the Austrian School of economic thought. Fearing a Nazi take-over of Europe, Mises emigrated to New York in 1940. He published his magnum opus Human Action in 1949. Mises had a significant influence on the Libertarian movement that developed in the United States in the mid-20th century.

Mises was the older brother of the famous applied physicist Richard von Mises, a member of the Vienna Circle.

Mises wrote and lectured extensively on behalf of classical liberalism and is seen as one of the leaders of the Austrian School of economics. In his treatise on economics, Human Action, Mises introduced praxeology as a more general conceptual foundation of the social sciences and established that economic laws were only arrived at through the means of methodological individualism firmly rejecting positivism and materialism as a foundation for the social sciences. Many of his works, including Human Action, were on two related economic themes of monetary economics and inflation, and the differences between government controlled economies and free markets.

Mises developed the theory of the 'sovereignty of the consumer' in a free-market economy; in his view, the consumer ultimately dictates everything that happens. This argument was set out in Human Action.

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