Today’s Phrase for Latin Lovers

Rex in Regno suo superiores habet Deum et Legem.

Translation:
The King in his Realm hath two superiors: God and the Law. -- Henry Care (1646-1688) on English liberties and the Magna Carta

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Ancient History

|eCOnoMICS | Musical Interlude | Prudence Potpourri

See the Rappers Dissed by the White House

While the White House’s Poetry Slam invitation to rapper Common created an uproar due to his lyrics praising a cop killer, an even bigger outrage occurred without a bit of attention from the media.

In innovative music videos, pseudo-John Maynard Keynes and faux-F.A. Hayek have been going toe-to-toe in two rap battles, educating listeners about their economic principles and using rhymes to explain how their theories would fix current economic woes.

But did they get an invite to the White House shindig? Noooo. You can bet Common couldn’t explain these concepts nearly as well.

Rap Battle Round One: “Fear the Boom and Bust”
I love how they present current elite opinion so accurately, having everyone fawn over Keynes, a man highly responsible for our lack of economic recovery. Meanwhile the brilliant Hayek politely awaits his turn.

Come on, Hayek! Get in there and duke it out. You’re the sure winner.

Rap Battle Round Two: “Fight of the Century”
Producers John Papola and Russ Roberts resurrect our two rapping economic philosophers for another round. Fellow Austrians, brace yourselves for the end. It ain’t pretty, but it’s today’s reality.

The videos and more information can be found at EconStories.tv.

To learn more about their economic philosophies, I suggest reading Keynes’ The General Theory of Employment, Interest, and Money and F.A. Hayek’s The Road to Serfdom. If you only want to buy one, I am huge fan of Hayek and the Austrian school of economics, and I believe that the abysmal failure of the Obama stimulus and bailout programs and financial regulations and market interventions and so on have thoroughly discredited the Keynesian model. Therefore, I recommend Hayek first and foremost.

Plus if you need a primer on economics, either as an introduction or as a refresher, you can’t do much better than Thomas Sowell’s graph-free Basic Economics—former winner of a Prudence Prize for Best Book.