Why is Economics Called "The Dismal Science"?

George Leef

It isn't because of the supposed gloom that comes from understanding that scarcity means we must make trade-offs. Rather, as Professor David Levy 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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June 28, 2026

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