Students learning economics should also learn history. In particular, it’s important that they are taught that quack international accounting standards exist alongside quack economics. The two tend to go hand in glove because the vested interests often overlap.

One notable example is the increasing move to using "fair value" in bank accounts, a philosophy that means that assets or instruments are recorded in the balance sheet at the price that the company believes they would fetch on the open market rather than the price actually paid. Mark to market is a close cousin, in which assets are priced based on today's market price.