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Details: Written by: Richard_McKie; Parent Category: Economy; Category: Markets; Published: 14 December 2010; Hits: 25630

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

Southern England

In mid July 2016 Wendy and I took flight again to Europe. Those who follow these travel diaries will note that part of out trip last year was cut when Wendy's mum took ill. In particular we missed out on a planned trip to Romania and eastern Germany. This time our British sojourn would be interrupted for a few days by a side-trip to Copenhagen and Roskilde in Denmark.

Fiction, Recollections & News

The McKie Family

Introduction

This is the story of the McKie family down a path through the gardens of the past that led to where I'm standing. Other paths converged and merged as the McKies met and wed and bred. Where possible I've glimpsed backwards up those paths as far as records would allow.

The setting is Newcastle upon Tyne in northeast England and my path winds through a time when the gardens there flowered with exotic blooms and their seeds and nectar changed the entire world. This was the blossoming of the late industrial and early scientific revolution and it flowered most brilliantly in Newcastle.

I've been to trace a couple of lines of ancestry back six generations to around the turn of the 19th century. Six generations ago, around the turn of the century, lived sixty-four individuals who each contributed a little less 1.6% of their genome to me, half of them on my mother's side and half on my father's. Yet I can't name half a dozen of them. But I do know one was called McKie. So, this is about his descendants; and the path they took; and some things a few of them contributed to Newcastle's fortunes; and who they met on the way.

In six generations, unless there is duplication due to copulating cousins, we all have 126 ancestors. Over half of mine remain obscure to me but I know the majority had one thing in common, they lived in or around Newcastle upon Tyne. Thus, they contributed to the prosperity, fertility and skill of that blossoming town during the century and a half when the garden there was at its most fecund. So, it's also a tale of one city.

My mother's family is the subject of a separate article on this website.

Opinions and Philosophy

Whither Peak Oil

The following paper was written back in 2007. Since that time the Global Financial Crisis (GFC) struck and oil prices have not risen as projected. But we are now hearing about peak oil again and there have been two programmes on radio and TV in the last fortnight floating the prospect of peak oil again.

At the end of 2006 the documentary film A Crude Awakening warned that peak oil, ‘the point in time when the maximum rate of petroleum production is reached, after which the rate of production enters its terminal decline’, is at hand.

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