📉 The Dismal Science: Economics Explained with Wit and Wisdom 💡
Economics, often labeled as the “dismal science,” owes its lugubrious nickname to Victorian essayist Thomas Carlyle. Carlyle’s bleak view was immortalized in his writings, particularly in “On the Nigger Question” (1849), where he dismissively dubbed the field focusing on “supply and demand” as rather, well, dreary.
Synonyms 📝
- Vexing Arithmetic
- Fiscal Frustration
- Economic Enigmas
Antonyms 🌞
- Joyful Calculations
- Economic Euphoria
- Delightful Profits
Humor-Filled Quotes 🤣
- “Economics is extremely useful as a form of employment for economists.” — John Kenneth Galbraith
- “An economist is an expert who will know tomorrow why the things he predicted yesterday didn’t happen today.” — Laurence J. Peter
Related Terms and Proverbs 📚
- Supply and Demand: The fundamental relationship between the quantity of commodities available and the desire (or demand) for them.
- Invisible Hand: Introduced by Adam Smith to describe unintended social benefits resulting from individual actions.
- Trickle-Down Economics: The belief that benefits for the wealthy will help everyone else through investment and job creation.
Suggested Literature, Books, Songs, Poetry, and Movies 🎬
- Literature: “Freakonomics: A Rogue Economist Explores the Hidden Side of Everything” by Steven D. Levitt and Stephen J. Dubner.
- Books: “The Wealth of Nations” by Adam Smith.
- Movies: “The Big Short,” a humorous and revealing look at the economic collapse.
- Songs: “Money, Money, Money” by ABBA.
- Poetry: “Money Meter,” an economic satire poem.
Intriguing and Engaging Quizzes 🧠
### Which of these is a real economic term?
- [x] Invisible Hand
- [ ] Purple Phoenix Market
- [ ] Supply of Stardust
- [ ] Demand of Dandelions
> **Explanation:** "Invisible Hand" refers to the self-regulating nature of the market introduced by Adam Smith.
### What does "Trickle-Down Economics" imply?
- [x] Benefits for the wealthy will eventually help everyone else.
- [ ] Money rains from the sky on everyone.
- [ ] Economics classes get easier over time.
- [ ] Economic theories that start small and get big.
> **Explanation:** "Trickle-Down Economics" is the idea that benefits (like tax cuts for businesses) provided to the wealthy or businesses will eventually "trickle-down" to everyone else.
### Who first coined the term "Dismal Science" for economics?
- [x] Thomas Carlyle
- [ ] Adam Smith
- [ ] Karl Marx
- [ ] John Maynard Keynes
> **Explanation:** Thomas Carlyle first coined the term "dismal science" to describe economics in a rather pessimistic light.
### Fill in the blank: Economists often refer to the fundamental concept of _____ demand.
- [ ] lunar
- [x] supply and
- [ ] pixie
- [ ] cookie cutter
> **Explanation:** The phrase "supply and demand" describes the relationship between the availability of a product and the desire for that product.
Inspirational Thought
Economics may be deemed the “dismal science,” but in understanding the grim statistics and endless charts, we unravel the secrets of societal operations, aspirational opportunities, and empowered solutions. It’s not about what’s “failed” but about learning how we continuously evolve to succeed.
Authored by Penny Wise, October 1, 2023
