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Economics is defined as the dismal science by a researcher named Thomas Carlyle. This would be an intriguing information for many a graduate of this domain. Though the comment and hence the coining of the term is based on a certain context which needs to be understood in order to know if the field is indeed dismal in its current existence. This name and statement were made back in the Victorian Era and Carlyle was not an economist either. He was an eminent historian and writer who gave this quite in response to a theory proposed by an economist named T.R.Malthus.

Malthus described a scenario based on the economic demand created by the exponential growth of population in relation to the linear growth of resources especially food and water. He predicted that with the slow progress in production and the need for supplying not only to the resident but the colonies as well, the European expansion of power and the reduction in the death rates would eventually lead to a global famine. This was based on the scenario of the day where technology such as mass production of foods, transport facilities and agricultural technology such as fertilizers were not available.

However, when the growth of science and technology was factored in, the need of the exponentially grown population was met with an equivalent produce with the advancements in production technology. In either case, the demand and supply ratio is still at the break even level though surplus has been achieved in certain economies. This is due to the four major blocks of economy in existence with their individual close door policies at different levels of partiality. This interesting piece of information and many such occurrences make the world of economics a very interesting field of study.

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