The History ofEconomic Thought LC Economics SyllabusEconomic Watch out for the following definitions contained in this presentation!. For the first time in recent history the living standard of the masses of Classical economics is widely regarded as the first modern school of economic thought. .. somewhat hidden by literary form of presentation, set an important precedent. Adam Smith. A brief history of economic thought. A brief history of economic thought: Adam Smith. He was born in in Kirkcaldy of Scotland. A brief history of.