The Economy of Austria - The Best Place To Live In The World

Did you know that the Austrian economy is richer than the Germany economy? I certainly didn't and I don't think many people know about the economy of Austria.

Yes they may know of Austrian economics such as Mises, but the Austrian economy is actually quite different to Austrian economics.

For starters, the economy of Austria is ran on social market principles, sometimes known as rhine capitalism. What that means is that there is a commitment to the free market, but also a solid welfare state for if times get tough. The social market economy of the Austrian economy relies on cooperation between employers, employees, trade unions and the Government. Without this cooperation, the model underpinning the Austrian economy would falter.

So where do we begin then? Unlike many of my videos, we start in the 1990s. Austria joined the European Union and the Euro. Historically, the Austrian economy had been reliant on Germany, in the same way that the Saudi economy relies on oil. By joining the EU and Euro, it meant that Austria could diversify its economy.

This had a double benefit though as when eastern european countries joined the EU, Austria was a common place for international hubs to be set up. Large companies wanted to tap into these new economies and used Austria to act as a gateway.

All of this helps Vienna to be described as the most liveable city in the world. I didn't know this until recently but Vienna has dominated the rankings for the last few years.

Vienna's title as the most liveable city in the world is made up of 3 key components:

1. The economy of Vienna
Like the Austrian economy, Vienna is very rich and follows a social market economy model. Free markets and competition are encouraged, but so are large housebuilding programmes. The Vienna economy is made up of three main sectors: R&D, Technology and Tourism. All three provide lots of value to the economy of Vienna and the Austrian economy as a whole.

2. Public transport
Public transport in Vienna is a great combination of cheap and efficient. It costs 365 euros for an annual pass and public transport goes everywhere within the city.

3. The environment
What is there to say really. The grand buildings all across Austria provide a useful boost to the economy of Austria. Vienna however has the greenery to go with it. There are over 2,000 parks in Vienna to compliment large mansions, grand opera houses and the various markets.

All in all, I think the Austrian economy goes under the radar a bit, especially when compared to the German economy. But don't worry, we here at Economies Around The World are here to uncover those economies you might not know much about!

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