Mises Institute Minor Issues, Major Conversations: Mark Thornton’s Four-Interview Roundup
Nov 15, 2025
Mark Thornton, a Senior Fellow at the Mises Institute and expert in Austrian economics, dives deep into today's economic landscape. He discusses the recent fluctuations in gold and silver prices caused by governmental policies and inflation fears. Thornton explains the mechanics of debt monetization and its implications for inflation and market dynamics. He emphasizes the importance of understanding wealth distribution effects and the potential risks of hyperinflation. Listeners gain insight into why precious metals now signal economic uncertainty.
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Austrian Theory Explains Modern Failures
- The Austrian school offers a deductive, human-action approach that explains stagflation and policy failures better than mainstream macro models.
- Mark Thornton credits Mises, Hayek, and Rothbard for explaining price controls, money, and opportunity cost clearly and coherently.
Personal Path Into Austrian Economics
- Mark Thornton recounts discovering Austrian economics after being frustrated with Keynesian explanations during 1970s stagflation.
- He found Mises and Hayek on his own and pursued graduate study while engaging with the Mises Institute.
Tariffs Undermine Living Standards
- Tariffs harm consumers and domestic producers by protecting inefficiency and provoking retaliatory trade wars.
- Thornton warns tariffs damage international relations and can escalate toward military confrontation.
