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Dismal Science
A slang term used to describe the discipline of economics. It was given this description by Thomas Carlyle, who was inspired to coin the phrase by T. R. Malthus's gloomy prediction that population would always grow faster than food, dooming mankind to unending poverty and hardship.
Investopedia Commentary
While this story is well known, it has been debated and deemed to be inaccurate by some. Those doubting the story say that Carlyle was reacting not to Malthus but economists such as John Stuart Mill, who argued that institutions, not race, explained why some nations were rich and others poor. Carlyle attacked Mill, not for supporting Malthus's predictions about the dire consequences of population growth, but for supporting the emancipation of slaves. It was the discipline's assumption that people are basically all the same and thus entitled to liberty that led Carlyle to label the study of economics "the dismal science". The connection was so well known throughout the 19th century, that even cartoonists would refer to it knowing that their audience would understand the reference.
Related Links
Economics Basics Tutorial
Hairline Fractures: Exploring The Dismal Science
See also: Economics, Keynesian Economics, Laissez Faire
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