Economics 101: Ignore The Writings Of The Desperate Austrian Economists

Q: Why are some many people watching "Desperate Housewives" and some few getting aroused at the www.ontheborderline.net blog site over Austrian economics and the "raging debate over school vouchers?"
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For some reason, economics is sometimes called the "dismal science." The dismal science is a slang term used to describe the discipline of economics. It was given this description by Thomas Carlyle, who was inspired to coin the phrase by T. R. Malthus's gloomy prediction that population would always grow faster than food, dooming mankind to unending poverty, hardship and terminal pot holes on Wisteria Lane.

The economists of Wisteria Lane grapple with their own problems, and the disturbing note addressed to Ludwig. Mrs Hayek tries to blackmail Fredrick over his involvement in the Box-Jenkins matrix.

While this story is well known, it has been debated and deemed to be inaccurate by some. Those doubting the story say that Carlyle was reacting not to Malthus but economists such as John Stuart Mill, who argued that institutions, not race, explained why some nations were rich and others poor. Carlyle attacked Mill, not for supporting Malthus's predictions about the dire consequences of population growth, but for supporting the emancipation of slaves.

A mysterious break-in on Wisteria Lane leaves the economists feeling vulnerable and think about import sactions. Ludwig locks horns with another Kenysian at the twins' school, and Fredrick investigates Freidman's disappearance.

It was the discipline's assumption that people are basically all the same and thus entitled to liberty that led Carlyle to label the study of economics "the dismal science". The connection was so well known throughout the 19th century, that even cartoonists would refer to it knowing that their audience would understand the reference.

Ludwig's sexy houseguest gets in the way of his first date with Dr. Luke. Tragedy forces the economists on Wisteria Lane to reassess their lives. John Maynard decides to take Adam's out-of-control, free market behaviour into his own guiding hands. Thorstein plans to take his relationship with Dr. Luke to the next level. It's Valentine's Day on Wisteria Lane and economic theories are all around (sort of), as Ludwig looks forward to a romantic date with a curvey supply-sider.

Learn more about the dismal science...