Every wondered the origin of the phrase "Dismal Science"? Wikipedia says it came from a Scot named Thomas Carlyle, contrasting with the "gay science" of writing songs and poems. I didn't know that.
Anyway, a leading, unappreciated purveyor of dismal-ism is the Irish economist Prof. Morgen Kelly. A couple of times a year, he writes an op-ed about the Irish economy that just dismal-s the ball out of the park. Starting with warnings that Irish house prices were unsustainable and likely to lead to a banking crisis at a time when prices in Ireland were still rising at double digit percentage rates, he has been consistently ahead of the curve.
So his latest piece (a week old now) is notable for the fact that he has signalled that the Irish Government have lost control of their economy, and a five-year prediction that a new political party is needed to give voice to anger at the status quo.
He's been pretty good at predictions so far. Will he maintain his batting average?
(Via FT Alphaville.)
(edited for clarity 2010-11-15 19:30.)