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Topographical map of Austria
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Austria, formally the Republic of Austria, is a landlocked country in Central Europe, lying in the Eastern Alps. It is a federation of nine federal states, one of which is the capital, Vienna, the most populous city and federal 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.

Austria emerged from the remnants of the Eastern and Hungarian March at the end of the first millennium. Originally a margraviate of Bavaria, it developed into a duchy of the Holy Roman Empire in 1156 and was later made an archduchy in 1453. In the 16th century, Vienna began serving as the empire's administrative capital and Austria thus became the heartland of the Habsburg monarchy. Before the dissolution of the Holy Roman Empire two years later, in 1804, Austria established its own empire, which became a great power and the dominant member of the German Confederation. The empire's defeat in the Austro-Prussian War of 1866 led to the end of the Confederation and paved the way for the establishment of Austria-Hungary a year later. Austria was the common name for the non-Hungarian parts of the state, also known as Cisleithania.

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. Major cities include Vienna, Graz, Linz, Salzburg, and Innsbruck. Austria has the 17th highest nominal GDP per capita with high standards of living; it was ranked 25th in the world for its Human Development Index in 2021. (Full article...)
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Gosau Lake with Dachstein

Dachstein is a strongly karstic mountain, and the second highest mountain in the Northern Limestone Alps. It is situated at the border of Upper Austria and Styria in central Austria, and is the highest point in each of those states. Parts of the massif also lie in the state of Salzburg, leading to the mountain being referred to as the Drei-Länder-Berg ("three-state mountain"). The Dachstein massif covers an area of around 20×30 km with dozens of peaks above 2,500 m, the highest of which are in the southern and south-western areas. The Dachstein actually consists of two peaks, the Hohe Dachstein with 2,995 metres above sea level, and Niedere Dachstein with 2,934 metres.

Dachstein was declared a UNESCO World Heritage Site in 1997 along with Hallstatt and the Salzkammergut.

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

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Memorial plaque to Carl Menger in the University of Vienna

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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