| Dismal
Science |
 |
Slang
term used to describe Economics.
|
 |
The
term originated in the writings of Thomas Carlyle. He coined the term
while referring to Thomas Malthus and his belief that exponential
population growth and linear food supply growth would result in worldwide
famine. (Malthus was wrong because he did not take into account advances
in productivity).
Economics has also been referred to as the dismal science in recent
times because of the theory of diminishing marginal returns. |
|
|
|
|
Dictionary
