1776. It didn't begin 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 him with the 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. It is as if an "invisible hand" is

guiding the markets when in reality the markets merely reflect the activities of those

Economics didn't actually start with Smith. Prices and economics were discussed

long before Smith appeared. St. Augustine considered what a just price is. When prices

for some widely consumed good or service surge or when some company's profits appear

to reach stratospheric levels, the popular press seems to return to St. Augustine and ask

what is the just price. Others maintain that economics began much, much earlier.

Economics figures in most national elections. In 1992 Bill Clinton's unofficial

awful the economy was under another politician. It will make or break the politician.

thought the only "thing" to economics was measuring or counting. Forecasts almost

Government revenues come from income taxes, social security payroll taxes, various

Some common words found in the essay are:
Franklin Roosevelt's, T-bonds Measurement, Medicare Medicaid, Smith Scottish, Adam Smith's, George Washington's, St Augustine, Ronal Reagan, John Kennedy, , national debt, social security, deficit national debt, deficit national, stock market, private property, debt deficit, government revenues, jobs earn, st augustine, forecast specific,
Approximate Word count = 1716
Approximate Pages = 7 (250 words per page double spaced)