Coining "Dismal Science" as a nickname for Political Economy.
He who attempts to draw any conclusion whatever as to the nation's wealth or poverty from the mere fact of a favorable or unfavorable Balance of Trade, has not grasped the first fundamental principle of Political Economy.
Political Economy as a branch of science is extremely modern; but the subject with which its enquiries are conversant has in all ages necessarily constituted one of the chief practical interests of mankind.
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