Wiktionary defines “dismal” as: Disappointingly inadequate; Gloomy and bleak; Depressing.
I guess the joke is easy enough. Economics is often inadequate, much like alchemy, or astrology. Though it’s really more like astronomy in Galileo’s day. It can be gloomy, bleak, and depression, but can also be the opposite. The word is based on the Latin word for “bad day”.
So that makes for funny jokes. There’s even a website called dismal.com which provides all sorts of economic data (for a fee). But it doesn’t explain the name. It’s actually an interesting story:
Thomas Carlyle may get credit for coining the term. In the 18th century some believed that the growing population would eventually outpace the growth in agricultural output and the world would starve. Carlyle wrote in 1839 that such a scenario was dismal, but he didn’t make a reference to a dismal science.
Ten years later however, he wrote this:
Not a “gay science,” I should say, like some we have heard of; no, a dreary, desolate and, indeed, quite abject and distressing one; what we might call, by way of eminence, the dismal science.
A gay science was the art and skill of lyricists and poets, and had a different meaning back then.
But here’s the most interesting part of the story. The guy that wrote of the dismal science for the first time, was writing it based on his argument for the reintroduction of slavery to the West Indies (which began being phased out a few decades prior and had naturally caused lots of labor issues).
So the first use of “The Dismal Science” was in reference to his argument for the reintroduction of slavery. Dismal indeed. The idea is flawed in my opinion but in a strictly economic (not moral) sense the logic plays out. Perhaps that’s why he thought it was dismal. And with that I agree.
However the term was hijacked due to popular reference to Carlyle’s writings and the Malthusian theory mentioned above about population.
Today we call economics the dismal science, but I don’t think the term is accurate, it’s merely a joke these days (but a funny one).
 By The Weakonomist |
The Weakonomist is the founder of Weakonomics. Clicking the picture of the puppy will tell you more about him. If you like what you're reading consider subscribing to the blog, following him on Twitter, and checking out the related posts below. Please consider a donation if you really enjoy Weakonomics. Also keep in mind that nothing I say can be construed as financial advice. |
