Portal:Austria

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Topographical map of Austria
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, 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 country occupies an area of 83,871 km2 (32,383 sq mi) and has a population of 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. After the dissolution of the Holy Roman Empire in 1806, 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.

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 parliamentary 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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The Austrian business cycle theory (or ABCT) attempts to explain business cycles through a set of ideas held by the Austrian School of economics. The theory views business cycles as the inevitable consequence of excessive growth in bank credit, exacerbated by inherently damaging and ineffective central bank policies, which cause interest rates to remain too low for too long, resulting in excessive credit creation, speculative economic bubbles and lowered savings. The creators of the Austrian business cycle theory were Austrian School economists Ludwig von Mises and nobel laureate Friedrich Hayek. Hayek won a Nobel Prize in economics in 1974 (shared with Gunnar Myrdal) in part for his work on this theory.

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Lake Neusiedl in Burgenland

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Ernst Mach (1900)

Ernst Mach (German pronunciation: [ˈɛɐnst ˈmax]; February 18, 1838 February 19, 1916) was a physicist and philosopher, remembered for his contributions to physics such as the Mach number and the study of shock waves. As a philosopher of science, he was a major influence on logical positivism and through his criticism of Newton, a forerunner of Einstein's relativity.

Most of Mach's initial studies in the field of experimental physics concentrated on the interference, diffraction, polarization and refraction of light in different media under external influences. There followed his important explorations in the field of supersonic velocity.

Mach developed a philosophy of science which became influential in the 19th and 20th centuries. He originally saw scientific laws as summaries of experimental events, constructed for the purpose of making complex data comprehensible, but later emphasized mathematical functions as a more useful way to describe sensory appearances.

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