Austria is one of the 12 richest countries in the world in terms of GDP (Gross domestic product) per capita, has a well-developed social market economy, and a high standard of living. Until the 1980s, many of Austria's largest industry firms were nationalised; in recent years, however, privatisation has reduced state holdings to a level comparable to other European economies. Labour movements are particularly strong in Austria and have large influence on labour politics. Next to a highly developed industry, international tourism is the most important part of the national economy.

Germany has historically been the main trading partner of Austria, making it vulnerable to rapid changes in the German economy. However, since Austria became a member state of the European Union it has gained closer ties to other European Union economies, reducing its economic dependence on Germany. In addition, membership in the EU has drawn an influx of foreign investors attracted by Austria's access to the single European market and proximity to the aspiring economies of the European Union. Growth in GDP accelerated in recent years and reached 3.3% in 2006.

Austria (ⁱ/ˈɒstriə/ or /ˈɔːstriə/; German: Österreich [ˈøːstɐˌʁaɪç] ( listen)), officially the Republic of Austria (German:  Republik Österreich (help·info)), is a landlocked country of roughly 8.47 million people in Central Europe. It is bordered by the Czech Republic and Germany to the north, Hungary and Slovakia to the east, Slovenia and Italy to the south, and Switzerland and Liechtenstein to the west. The territory of Austria covers 83,855 square kilometres (32,377 sq mi) and has a temperate and alpine climate. Austria's terrain is highly mountainous due to the presence of the Alps; only 32% of the country is below 500 metres (1,640 ft), and its highest point is 3,798 metres (12,461 ft). The majority of the population speak local Austro-Bavarian dialects of German as their native language, and German in its standard form is the country's official language. Other local official languages are Burgenland Croatian, Hungarian and Slovene.

The origins of modern-day Austria date back to the time of the Habsburg dynasty when the vast majority of the country was a part of the Holy Roman Empire of the German Nation. During the 17th and 18th centuries, Austria became one of the great powers of Europe and, in response to the coronation of Napoleon I as the Emperor of the French, the Austrian Empire was officially proclaimed in 1804. In 1867, the Austrian Empire was reformed into Austria-Hungary.

Mark Thornton is an American economist of the Austrian School. Thornton has been described by the Advocates for Self-Government as "one of America's experts on the economics of illegal drugs." Thornton has written extensively on that topic, as well as on the economics of the American Civil War, economic bubbles, and public finance. He successfully predicted the housing bubble, the top in home builder stocks, the bust in housing and the world economic crisis.

Thornton received his B.S. from St. Bonaventure University (1982), and his Ph.D. from Auburn University (1989). Thornton taught economics at Auburn University for a number of years, additionally serving as founding faculty advisor for the Auburn University Libertarians. He also served on the faculty of Columbus State University, and is now a senior fellow and resident faculty member at the Ludwig von Mises Institute. He is currently the Book Review Editor for the Quarterly Journal of Austrian Economics.

Libertarian organizations including the Independent Institute, the Cato Institute, and the Mises Institute have published Thornton's writings on drug prohibition and prohibition in general. Thornton contributed a chapter to Jefferson Fish's book How to Legalize Drugs. He has also been interviewed on the topic of prohibition by members of the mainstream press. His research and publications are the basis of the Iron Law of Prohibition which states that the enforcement of prohibition increases the potency and danger of consuming illegal drugs. Thornton's first book, The Economics of Prohibition, was praised by Murray Rothbard, who declared:

Ewald Nowotny (born June 28, 1944, in Vienna) is an Austrian economist and social democratic politician and currently president (governor) of the National Bank of Austria and member of the European Central Bank (ECB)’s governing council.

He graduated with a doctorate from the University of Vienna in 1966, took his habilitation at the Johannes Kepler University Linz in 1972 and has been a full professor at the Vienna University of Economics and Business Administration since 1982.

Since 1974, he has held various functions in the Austrian Social Democratic Party.

He was a member of the Nationalrat, the more important chamber of the Austrian parliament, from 1978 to 1999.

From 1999 to 2003, Professor Nowotny was vice president of the European Investment Bank in Luxembourg. From the beginning of 2006 until mid-2008, he was the CEO of BAWAG P.S.K..

Stephen Clement "Steve" Austria (born October 12, 1958) is the U.S. Representative for Ohio's 7th congressional district, serving since 2009. He is a member of the Republican Party. The district stretches from Springfield to the southern suburbs of Columbus. In December 2011, Austria announced his intention to not run for re-election for the 113th Congress. 2012 elections.

Austria was born in Cincinnati, the son of Jean C. (née Brockman), a nurse, and Dr. Clement G. Austria. He grew up in Xenia, the eldest of nine children. He graduated from Carroll High School in 1977. His mother was of German descent, and his father was from Tiaong, Quezon, Philippines, and had moved to Ohio to attend medical school. He received a Bachelor of Arts degree from Marquette University in 1982 and began a career as a financial advisor. The Austria family was named the 1984 "Ohio Family of the Year" and was later presented with one of nine "The Great American Family" awards by First Lady Nancy Reagan.

Austria was a member of the Ohio House of Representatives from 1998 until 2000. Austria won re-election in 2004 against Democratic challenger Charlie Hart in the general election with 65% of the vote.