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Details: Written by: Richard_McKie; Parent Category: Economy; Category: Markets; Published: 14 December 2010; Hits: 25404

Thomas Carlyle coined this epithet in 1839 while criticising Malthus, who warned of what subsequently happened, exploding population.

According to Carlyle his economic theories: "are indeed sufficiently mournful. Dreary, stolid, dismal, without hope for this world or the next" and in 1894 he described economics as: 'quite abject and distressing... dismal science... led by the sacred cause of Black Emancipation.' The label has stuck ever since.

This 'dismal' reputation has not been helped by repeated economic recessions and a Great Depression, together with continuously erroneous forecasts and contradictory solutions fuelled by opposing theories.

This article reviews some of those competing paradigms and their effect on the economic progress of Australia.

Travel

Canada and the United States - Part1

In July and August 2023 Wendy and I travelled to the United States again after a six-year gap. Back in 2007 we visited the east coast and west coast and in 2017 we visited 'the middle bits', travelling down from Chicago via Memphis to New Orleans then west across Texas, New Mexico, Nevada and California on our way home.

So, this time we went north from Los Angeles to Seattle, Washington, and then into Canada. From Vancouver we travelled by car, over the Rockies, then flew east to Toronto where we hired a car to travel to Ottawa and Montreal. Our next flight was all the way down to Miami, Florida, then to Fort Lauderdale, where we joined a western Caribbean cruise. At the end of the cruise, we flew all the way back up to Boston.

Seems crazy but that was the most economical option. From Boston we hired another car to drive, down the coast, to New York. After New York we flew to Salt Lake City then on to Los Angeles, before returning to OZ.

As usual, save for a couple of hotels and the cars, Wendy did all the booking.

Breakfast in the Qantas lounge on our way to Seattle
Wendy likes to use two devices at once

Fiction, Recollections & News

The Wedding Party

January 29th 2011

See some of it on YouTube (some websites may block this)...

Opinions and Philosophy

Discovery of the Higgs boson

Perhaps the most important physics discovery of my lifetime has finally been announced. I say 'finally' as its existence has been predicted by the 'Standard Model' for a long time and I have already mentioned this possibility/probability in an earlier article on this website (link).

Its confirmation is important to everyone, not just to physicists working in the field of quantum mechanics. Like the confirmation of the predictions of Einstein's Theory of Relativity we are now confronted with a new model of reality that has moved beyond an esoteric theory to the understanding that this is how the Universe actually is; at least as far as the Standard Model goes.

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