Identical schemes formulated for so-called economics (3,6,7)

I believe the answer is:

the dismal science

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'identical schemes formulated for so-called economics' is the definition.
I don't know anything about this answer so I cannot judge whether this works.

'identical schemes formulated' is the wordplay.
'formulated' indicates anagramming the letters (another formulation of the same letters).
'identical'+'schemes'='identicalschemes'
'identicalschemes' anagrammed gives 'THE DISMAL SCIENCE'.

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I've seen this clue in The Times.

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