Why does anyone read the Economist magazine any longer? Seriously.

It breaks our heart to note that for over 175 years, the Economist has proudly claimed the banner of free markets, free trade, legal immigration, and deregulation.

But ever since the Economist bought into climate change hysteria (after years of ridiculing the radical green movement), the magazine has never been the same.

It is now lecturing its readers that they should adopt the politics of scarcity. It says the Ukraine crisis means Europeans should turn down their thermostats and drive less. (The Jimmy Carter solution!) Maintaining current standards of living would be a great “shame”. So it wants to bring back the policies adopted during the 1970s oil crisis.

“Why is Europe not rediscovering the spirit of the 1970s? Back then the European public was expected to accept some discomfort and inconvenience,” the Economist clucks. Back then, speed limits were imposed. Dutch and German cities went pedestrian one day a week. France sent inspectors to ensure the heat in buildings was below 68 degrees Fahrenheit. Television broadcasting was shut off at 11pm.

Yes the good old 1970s, the golden age of economic progress – in Saudi Arabia.

Britain’s Daily Telegraph scoffs at such hairshirt economics: “The role of governments is not to wag fingers at consumers, urging them to respond to the blaring price signal already given by markets. Their role is to ensure we are never again so reliant on hostile countries for our energy.”