Referring to economics in the mid 1800’s as the “dismal science”, Scottish philosopher Thomas Carlyle coined the phrase in response to the economics profession’s lack of defence of slavery in the West Indies. According to Carlyle, the optimum level of labour in the economy should be a combination of market forces plus coercion.
Given the backdrop to the dismal science tag, therefore, the criticism of economics seems misplaced and harsh to say the least. 200 years later the tag remains, however, aimed mainly at economist's regular failure to predict market crashes and recessions.
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