... contributed to the maturing of economics into a social science. The logical starting point for the timeline is the life and times of Adam Smith, the founder of modern eco-nomics. The Basics of Economics ... economics1770s The classical school of economic thought emerges in Britain under Adam Smith,author of An Inquiry into the Nature and Causes of the Wealth of Nations (1776)1791 The First Bank of the United ... employed in the U.S. economy, earning an aver-age wage of $72,350, about double the average wage of all U.S. workers2002 The euro officially replaces the national currencies of 12 of the 15 EuropeanUnion...