Portal:Austria


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Austria, officially the Republic of Austria, is a landlocked country in Central Europe, lying in the Eastern Alps. It is a federation of nine states, of which the capital Vienna is 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 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 also served as the Holy Roman Empire's administrative capital. The Holy Roman Empire was dissolved in 1806, two years after Austria had 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 rapidly 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. (Full article...)

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Schönbrunn Palace (German: Schloss Schönbrunn [ʃøːnˈbʁʊn]) is a former imperial summer residence in Vienna. One of the most important cultural monuments in the country, since the 1960s it has been one of the major tourist attractions in Vienna. The palace and gardens illustrate the tastes, interests, and aspirations of successive Habsburg monarchs.

The name Schönbrunn (meaning "beautiful spring"), has its roots in an artesian well from which water was consumed by the court.

UNESCO catalogued Schönbrunn Palace together with its gardens on the World Heritage List in 1996, as a remarkable Baroque ensemble and example of synthesis of the arts (Gesamtkunstwerk). The whole Schönbrunn complex with Tiergarten Schönbrunn, Palmenhaus, Wüstenhaus and the Wagenburg, accounted for more than five million visitors in 2010.

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Carl Menger (February 28, 1840 – February 26, 1921) was the founder of the Austrian School of economics, famous for contributing to the development of the theory of marginal utility, which contested the cost-of-production theories of value, developed by the classical economists such as Adam Smith and David Ricardo.

He noticed a discrepancy between what the classical economics he was taught in school said about price determination and what real world market participants believed. In 1867 Menger began a study of political economy which culminated in 1871 with the publication of his Principles of Economics (Grundsätze der Volkswirtschaftslehre), thus becoming the father of the Austrian School of economic thought. It was in this work that he challenged classical cost-based theories of value with his theory of marginality - that price is determined at the margin.

He set about refining and defending the positions he took and methods he utilized in Principles, the result of which was the 1883 publication of Investigations into the Method of the Social Sciences with Special Reference to Economics (Untersuchungen über die Methode der Socialwissenschaften und der politischen Oekonomie insbesondere). The book caused a firestorm of debate, during which members of the Historical school of economics began to derisively call Menger and his students the "Austrian School" to emphasize their departure from mainstream economic thought in Germany. In 1884 Menger responded with the pamphlet The Errors of Historicism in German Economics and launched the infamous Methodenstreit, or methodological debate, between the Historical School and the Austrian School. During this time Menger began to attract like-minded disciples who would go on to make their own mark on the field of economics, most notably Eugen von Böhm-Bawerk, and Friedrich von Wieser.

Over the course of the next decade he authored a plethora of articles which would revolutionize monetary theory, including "The Theory of Capital" (1888) and "Money" (1892).

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