Placing the word “economics” into the Google News search engine is quite a dreadful affair. From an Austrian School perspective, it is a surreal look at exactly how bizarre a conception of economics many in the world actually have.
At first glance, you’ll find the Russian Economic Development and Trade Ministry arguing over large-diameter pipe imports. OK, not so bad, hopefully they will decide to abolish the import duties. But, the quality of the search results quickly deteriorate.
A further look down the page, and you’ll find a story from The Sunday Times about a former economics student who “makes economics sexy” by writing a book about a frustrated economist who discovers that “equations can’t account for the environmental devastation he sees around him.” Hmmm, something just doesn’t seem quite right here.
A glutton for punishment, I couldn’t help but see what would come next. Surprise, surprise, I would not be disappointed. What I discovered next was Tony Blair’s trade secretary calling for something he calls “Sgt. Pepper economics.” Sorry Mr. Johnson, but I don’t think globalisation is the first thing that comes to mind.
The next and thankfully the last thing I found (enough was enough) was former Czech president Vaclav Havel telling the youth of today not to confuse economics with accounting. But, maybe he should have gone a little further and suggested they not confuse “economics” and the games some economists play with real economics.