Mark Thornton turns Austrian analysis on economic inequality itself—not whether the pie is growing, but how government intervention re-slices it. Drawing on Rothbard’s distinction between specific and general factors of production, he shows the mechanism: any protection, license, tariff, or subsidy enriches the insiders of the favored industry while forcing the displaced resources out into the unprotected economy, where they compete down everyone else’s wages and returns. He works the logic through healthcare, and frames the whole thing around the rise of democratic socialism in America’s cities—arguing the young are right to be angry about the debt, Social Security, and unaffordable healthcare their elders voted in, even as the socialist cure would deepen the disease.
Recorded at the Mises Institute in Auburn, Alabama, on July 24, 2026.
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