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Dismal Science

Introduction

A few years ago, Thomas Carlyle called economics "the dismal science." The great writer on political and social issues drew that conclusion while at the time was writing about the tremendous future, according to most of the economist, humanity was waiting when not enough food production to feed a world population continues to grow. The law of diminishing returns was inexorable. No point in investing more resources to agriculture because their productivity would not respond in equal measure. The universal starvation was inevitable. What I think economics may be dismal for many of the people today the main issue which we are facing is the population, and the effect of that population on economic resources. As population is growing rapidly and our world has limited resources.

What are the two meanings of "dismal" science?

“Occasional Discourse on the Negro Question” was published in 1849 by Thomas Carlyle in a monthly magazine of London by the name of in 1849. Soon after publishing his article in next issue in 1850 John Stuart mill responded to his article and gives his views on the importance of classic Economics related to Britain. What I think I believe Carlyle who was reacting, not to Malthus's population principle, but to economists such as John Stuart Mill who argued that institutions not race.

Population

The vision of long-term future of many of the classics was rather pessimistic. That led many to describe the discipline of being the dismal science. This is not as many assume only Malthus's vision but rather to a regular school. The problem was not only the fact that the population has increased.

Competition among job seekers

Due to competition among job seekers-the appearance and maintenance of the iron law of wages (exacerbated by technological advances each time requiring low workers) but also to the ongoing decline of natural resources.

Law of diminishing returns

Additionally, the law of diminishing returns implies that technological progress in general leads to a situation in which the goods will become easier to see in terms of effort by workers, but more difficult to social terms: resources will be using every time less productive, using incrementally more complex machines, which require less direct labor but increasing amounts of energy, and so on.

For example, both the population increase as technological advances make it to be necessary and possible exploitation of land for agricultural purposes that are incrementally more difficult to work and less productive. Obviously, the land is not a limitless resource. At some point, if the population continues to grow, no matter what technological advances and agricultural productivity, there will be enough to feed the population. The same is true of not only natural resources but also other work: technical progress reduces the amount of work required to produce consumer goods. Even if, the population maintained, this cannot but lead to a situation in which there is no need for the amount of work necessary to enable people to earn enough for their needs.

Scarcity issue

Unless, says Stuart Mill, which limit population, growth, but ...