Today's paper had this letter on etymology:

He is incorrect that economics was labeled the "dismal science" because "economists were continuously pointing out the infeasibility of schemes for improving society by government coercion." The phrase "dismal science" was coined in an 1849 article, "Occasional Discourse on the Negro Question," in which Thomas Carlyle applied the term to J.S. Mill and others who advocated the abolition of slavery. Thus, at least in its original usage, the term dismal science was applied to economists who would use, rather than naysay, government coercion (of slave owners) to further individual liberty and improve society. Unfortunately, the past 154 years have demonstrated that such uses of government power are quite rare.
E. Frank Stephenson, Associate Professor, Berry College, Rome, Ga.