Quote by Thomas Carlyle
“In boom times companies have high profits. They increase production to satisfy demand for goods. This leads to excess supply. Companies cut prices to compete for customers. leading to lower profits, lay-offs, and economic depression. Eventually lower prices lead to an increase in demand and profits go back up. The economy is a yo-yo.”
topics: economics
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Thomas Carlyle was a Scottish satirical writer, essayist, historian and teacher during the Victorian era. He called economics "the dismal science", wrote articles for the Edinburgh Encyclopedia, and became a controversial social commentator.
Coming from a strict Calvinist family, Carlyle was expected by his parents to become a preacher, but while at the University of Edinburgh, he lost his Christian faith. Calvinist values, however, remained with him throughout his life. This combination of a religious temperament with loss of faith in traditional Christianity made Carlyle's work appealing to many Victorians who were grappling with scientific and political changes that threatened the traditional social order.