Economics

Modern Economics.
Modern economics vs. political economy, as it used to be called-dates back to1776. It begins with the American Revolution. A man named Adam Smith, a Scottish philosopher, published a book called Smith's work is considered the first example of modern economics. In some places Smith is most famous for suggesting that business always try to monopolize markets and raise prices. Economists credit Adam Smith theory of the invisible hand - the idea that a market economy will operate so that no one can be made better off without making someone else worse off. …