Booms, Busts, and Recoveries Message Board

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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: PMG who wrote (7025)	8/13/2001 8:53:16 AM
From: elmatador	Read Replies (1) of 74559

Dismal Science is how we 'non-economists' call economics. Economists we call them dismal scientists 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. The Law of diminishing returns is also been attacked by the law of increasing returns, I've got a posting of the day couple of weeks ago where I wrote that the patent system goes against the law of increasing returns.

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