The molecular field theory of ferromagnetism is used as an example to illustrate the use of elementary catastrophe theory. It is shown that the molecular‐field approach gives rise to a cusp catastrophe set. A brief examination is made of the reasons why the elementary catastrophe theory does not produce critical exponents which are in agreement with experimental values. It is suggested that the assumption of an equal areas rule denies the transversality upon which the generality of catastrophe theory is based. It is proposed that an approach to the problem of critical exponents through the much more sophisticated generalized catastrophes might prove fruitful.