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Is Economics a Dismal Science?

A famous quote is that of Thomas Carlyle stating economics as the dismal science. Thomas Carlyle complained that society had become mechanical and lost much of its humanity because of the abstraction of ‘real things’ into monetary terms.

In fact, there appears much gloom around the fabled world of money and exchange, and as someone who is outside of this field of study I wrestle with just what it all means and what is the practical nature of economics (also known as political economy).

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