In 1970 at age 32, Androsch became Austria's youngest minister of finance when he was named to the post by Chancellor Bruno Kreisky. Androsch remained in that position for 11 years and also served five as vice chancellor. He was also appointed the general director of Austria's largest bank, the Creditanstalt-Bankverein, and served as a consultant to the World Bank.

Androsch, who founded the successful AIC Androsch International Management Consulting firm in 1989, became an industrialist in 1990s.

Androsch has been a distinguished advocate of "Austro-Keynesianism" during a recessionary economy, an economic theory that is enjoying a revival. Androsch has also been a strong advocate of generous funding for public education in Austria.

He has contributed to the Austrian Academy of Science in Vienna and has remained in the public arena as a major public intellectual, regularly commenting on economic and political issues in Austrian and European media.

Androsch previously visited UNO as the keynote speaker at UNO Center Austria's "Americanization of Europe" conference. During that visit, he praised the role of the American Marshall Plan in the rebuilding of postwar Europe. The Marshall Plan, Androsch said, can still serve as a model for economic reconstruction following times of crisis.

"Dr. Androsch's role as a public intellectual long after his political career ended may serve as a model of engaged servants everywhere," said Gunter Bischof, history professor and director of UNO Center Austria.

Androsch has a doctorate in economics from the Vienna University of Economics and Business Administration.