- Year(s) Officially Discovered: 1776
- Discovery Put Into Action: Almost Immediately
- Team/Person Behind The Discovery: Ancient Greeks & Egyptians, Adam Smith
Economics is truly a huge field and likely one of our greatest discoveries ever. Unlike others on this list, it is connected to the world of social science rather than natural science. It involves the study of how people interact with value overall. That includes production, distribution, and even consumption of goods and services. Economists tend to study how the behavior and interactions of economic agents & economics in general connect.
This can involve the larger world of economics (Macroeconomics) such as how the world handles trade, tariffs, GDP, labor, land, capital, inflation, economic growth, etc. Meanwhile, in Microeconomics, you’ll study the household, firms, buying and selling, etc. It was Adam Smith, the Father of Capitalism, that truly helped us separate Economics as its own thing. While the Ancient Greeks & Egyptians understood the basics of it, Smith was truly the pioneer of what we connect to economics today.