Why is economics called "the dismal science"?
Posted by George Leef at 09:58 AM
It is not because of the supposed gloom that comes from understanding that scarcity means we have to make trade-offs. Rather, as Professor David Levy of George Mason explains in this Freeman article the term was coined by enemies of laissez-faire who thought that slavery was just fine and found the free-market case against it "dismal."
Hat tip: Frank Stephenson.
» Return to posts for January 20, 2011
» Return to the Locker Room