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.

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