Tatyana Deryugina (Twitter: @TDeryugina)

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Origins of “Dismal Science”

Posted 19 Jul 10 by Tatyana
 According to Investopedia’s term of the day, "dismal science”, a term used to describe economics, was coined by Thomas Carlyle. The reason for his use of the term, however, are still debated. The popular explanation is that he was reacting to Malthus’ theory of population growth outstripping food supply growth (and its dismal implications). Another explanation, which I’ve never heard before, is that this term was an attack on John Stuart Mill, an economist who supported equality of races and the emancipation of slaves. A dismal explanation for the origin, if it is true.  

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