Although economic activity has been a characteristic of human culture since the dawn of civilization, there was little formal analysis of that activity until merchant capitalism developed in Western Europe during the fifteenth century. At that time the chiefly agrarian European societies began increasingly to trade among themselves, setting the stage for the birth of economics as a social study. The economic studies of this time were not systematic: economic theory evolved piecemeal from individual intellectual responses to contemporary problems. No grand analytical systems appeared. It was not until the mid-eighteenth century, with the emergence of classical economics” under Adam Smith, that economics made significant movement toward the status of a full-blown social science. The word status in the passage is closest in meaning to...........
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