A while ago my daughter Virtue studied economics in her online school, Williamsburg Academy (http://wacademy.org), as part of her government class. They watched these cool videos that promote free market economics, also known as Austrian-based economics. They are great! I so wish I that I had been taught that free market economics is right and Keynesian economics is wrong. Hardly anybody wants to come right out and say that, but it’s true. Most want to dance around the issue and pretend that Keynesian economics is the solution to all problems.

My husband and I both took Econ 110 at BYU, the “Lord’s University.” Yet even there, the professors don’t want to come out and say which econ philosophy is right. My husband distinctly remembers the professor talking about the two philosophies. He said, “Now I am not going to tell you which one is right. That is for you to decide.” Even today, over 30 years later, my husband wishes he had just come out and said. Shouldn’t the concept of free agency be applied to economics if we are to be truly free? If you think that our market is free, please review history and the events of the past years in the U.S. with the government bail out of different industries.

These music videos are rap parodies of the competition of the century, namely, the economics “fight” between Hayek, proponent of Austrian economics, also known as free market economics or laissez faire economics, and Keynes, the founder of Keynesian economics. Does freedom apply to economics? Should markets be free from government control as much as possible? The study of economics raises these important questions. A great place to study and learn the answers is http://fee.org and also the web site that is home to the producers of these videos http://econstories.tv

The first video compares the Keynesian view that government should spend money to stimulate the economy to an alcoholic drinking more and more, thinking that more and more alcohol will help him. Eventually, a bust, or hangover happens. Not fun! The second video likens the economics competition to a battle in a courtroom and a boxing match. You can go here to get the lyrics http://econstories.tv/2011/04/28/fight-of-the-century-music-video/

I just got word from my friend Heather Nelson about a great opportunity for high school students in the Utah area to learn more about free market economics this summer. This is what she says, “FEE is offering a free week of economic study for youth ages 14-18 in the Salt Lake City area. I have learned a great deal from studying the writings of FEE and I hope to pass this along to anyone else who would like to send their youth to learn more about economics from the Austrian model. This includes accommodations and meals. “

http://www.fee. org/seminars/ high-school/ #schedules
http://www.fee. org/seminars/ high-school/ parents/

Please tell them that Heather Nelson referred you if you decide to send your youth.