Bureaucrats in the Deep State

Tate Fegley analyzes the deep state through the lens of Austrian economics, showing how bureaucratic insulation, lack of economic calculation, and political incentives lead to cronyism and inefficiency. Focusing on defense procurement and media influence, he argues that systemic dysfunction—not bad actors—is the primary driver of deep state behavior. Recorded at the Mises Institute in Auburn, Alabama, on July 24, 2025. Mises University is the world's leading instructional program in the Austrian School of economics, and is the essential training ground for economists who are looking beyond the mainstream.