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29 November, 11:39

Why do many people consider economics to be dismal scince

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  1. 29 November, 12:40
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    Economics is called a dismal science due to its connection with misery and hardships of people due to the unethical profit-centric approaches in the global economy.

    Explanation:

    It was Thomas Carylre, a Scottish writer who called economics a dismal science. He used the term dismal to describe the political economy which was indeed dismal and could be associated with misery of a certain group of people.

    It was when he wrote about the slavery in West Indies he used the term for the first time. The white masters treated the black slaves brutally and to make the slaves work for them loyally.

    The disheartening outcomes of modern day economics and the unethical approaches chosen can also justify economics being referred a dismal science.
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