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 …showed first 75 words of 1723 total…

…showed last 75 words of 1723 total…economy. The different kinds of markets provide a different understanding. The stock market also is an indicator of the economy. The stock market shows the sales and wealth of the different markets around our country. If the economy is good, we know it. It shows everywhere and politicians don't hesitate to base an election on how well they did, or how awful the economy was under another politician. It will make or break the politician.