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Friday Five: Macro Follies, Right to Work, and More

On Fridays, we bring you the best of our blog and the best of the web. This week’s roundup includes economic Christmas carols, thoughts on right-to-work in Michigan, a closer look at poverty and more. 1. Deck the Halls with Macro Follies: This EconStories (producers of the famous Hayek vs. Keynes Rap Anthem) video satirizes popular economic myths by setting them to the tune of our favorite Christmas carols. 2. Big Gains for the Union Liberation Movement: Rev. Robert Sirico praises the freedom of the new right-to-work law in Michigan in response to recent critics.
Michigan’s new right-to-work law is neither “unjust” nor will it “foster extreme inequality.” The law simply gives working people the freedom to choose whether or not they want to be members of a union. What’s more, they are not forced to pay union dues or agency fees as a condition of employment. Another word for this is freedom.
3. The Poor You Will Always Have With You: Jaqueline Otto reflects on whether the eradication of poverty is truly the end goal of economics.
Obviously throughout his ministry and teaching, Christ shows great compassion for the poor. So what does it mean that “the poor you will always have with you?” What, then, should be the Christian goal of economics?
4. Austerity and morality: Michael Gerson (who spoke Tuesday at a V&C event) looks at the leadership attributes necessary for making wise, moral decisions when cutting spending.
This is the ultimate challenge of austerity politics: to reduce the size of the government without dishonoring the values of the nation.
5. Money & Politics with Jim Pethokoukis: Russ Roberts of Café Hayek and EconTalk discusses unintended consequences, the recession, entitlement programs and much more with Jim Pethokoukis.