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Details: Written by: Richard_McKie; Parent Category: Economy; Category: Markets; Published: 14 December 2010; Hits: 25248

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

Laos

The Lao People's Democratic Republic is a communist country, like China to the North and Vietnam with which it shares its Eastern border.

And like the bordering communist countries, the government has embraced limited private ownership and free market capitalism, in theory. But there remain powerful vested interests, and residual pockets of political power, particularly in the agricultural sector, and corruption is a significant issue.

During the past decade tourism has become an important source of income and is now generating around a third of the Nation's domestic product. Tourism is centred on Luang Prabang and to a lesser extent the Plane of Jars and the capital, Vientiane.

Fiction, Recollections & News

More on 'herd immunity'

In my paper Love in the time of Coronavirus I suggested that an option for managing Covid-19 was to sequester the vulnerable in isolation and allow the remainder of the population to achieve 'Natural Herd Immunity'.

Both the UK and Sweden announced that this was the strategy they preferred although the UK was soon equivocal.

The other option I suggested was isolation of every case with comprehensive contact tracing and testing; supported by closed borders to all but essential travellers and strict quarantine.

New Zealand; South Korea; Taiwan; Vietnam and, with reservations, Australia opted for this course - along with several other countries, including China - accepting the economic and social costs involved in saving tens of thousands of lives as the lesser of two evils.

Yet this is a gamble as these populations will remain totally vulnerable until a vaccine is available and distributed to sufficient people to confer 'Herd Immunity'.

In the event, every country in which the virus has taken hold has been obliged to implement some degree of social distancing to manage the number of deaths and has thus suffered the corresponding economic costs of jobs lost or suspended; rents unpaid; incomes lost; and as yet unquantified psychological injury.

Opinions and Philosophy

The Prospect of Eternal Life

To die, to sleep;
To sleep: perchance to dream:
ay, there's the rub;
For in that sleep of death what dreams may come
When we have shuffled off this mortal coil,
Must give us pause:
… But that the dread of something after death,
The undiscover'd country from whose bourn
No traveller returns, puzzles the will
And makes us rather bear those ills we have
Than fly to others that we know not of?
Thus conscience does make cowards of us all;

[1]

When I first began to write about this subject, the idea that Hamlet’s fear was still current in today’s day and age seemed to me as bizarre as the fear of falling off the earth if you sail too far to the west. And yet several people have identified the prospect of an 'undiscovered country from whose realm no traveller returns' as an important consideration when contemplating death. This is, apparently, neither the rational existential desire to avoid annihilation; nor the animal imperative to keep living under any circumstances; but a fear of what lies beyond.

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