“Economics has been dubbed the ‘dismal science’, presumably because of a comparative difference in methodology.” The Formation of Cartel Economics in Response to Bitcoin.

In the discipline of economics, something has to be economised:

Agustín Carstens, General Manager of the Bank of International Settlements

“Bitcoin is a combination of a bubble, a Ponzi scheme and an environmental disaster...The fascination with these cryptocurrencies has more to do with speculative mania than any use as a form of electronic payment, except for illegal activities.” Agustín Carstens, Bank of International Settlements.

Malthusian Pessimism

David’s interpretation of [economics] being known as the ‘dismal science’ is taken from Wikipedia, which conjectures it a reference to ‘dismal’ universal laws of supply and demand, in respect of slavery.

This conflicts slightly with Investopedia:

“The term dismal science was inspired by T. R. Malthus’ gloomy prediction that population would always grow faster than food, dooming mankind to unending poverty and hardship.” The Dismal Science, Investopedia.

Money in a Digital Age

“The claims of [technology] proponents should be tested against the laws of economics, centuries of accumulated wisdom and plain old common sense. Good technology alone does not ensure good economics, just as good economics does not ensure good technology.” Agustín Carstens, Money in a Digital Age.

Money is said to be the last bastion untouched by postmodernism: the political nature of modern monetary economics relies on an analogue (subject to variance) trend which sends out signals in a language we know as inflation targeting.

It has been observed analogue trends are ill-suited to a digital world; and could be cause for what is perceived as a productivity problem: it’s not that we don’t have the resources, it is the language game working without necessary clarity other than the rules of that particular game [that] may or [may] not be easily understood by each participant.

Within such a language, terms such as inflation have changed from being a supply condition of money to a price condition; the idea of volatility is now used pejoratively in comparison to the age of enlightenment.

The term environment has been bequeathed moral imperative, especially so when it comes to Bitcoin (see Nouriel and Carstens).

In the same light, work and money can be seen purely figuratively in the intangible nature and benefits [of] technology and software; where purpose is not so explicit, comparable to ‘common sense’ economics.