For centuries, economics has been known as the “dismal science”. The term was supposedly coined by the Scottish writer Thomas Carlyle in response to Thomas Malthus’ gloomy prediction that population growth would result in starvation and misery. Yet, there is another possibility. According to some scholars, Carlyle was reacting to the English philosopher John Stuart Mill, “who argued that institutions, not race, explained why some nations were rich and others poor.” Carlyle, in other words, attacked Mill for advocating in favour of slave emancipation…
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