Economics is a relatively new social science having developed in the 1900s?

Economics, as a distinct field of study, actually traces its origins back to earlier thinkers like Adam Smith in the 18th century, though it gained prominence as a formal discipline in the 19th and 20th centuries. The 1900s saw significant developments, such as the rise of Keynesian economics in response to the Great Depression and the emergence of various schools of thought, including neoclassical and behavioral economics. These advancements solidified economics as a vital social science, focusing on the allocation of resources, production, and consumption patterns. Today, it encompasses a wide range of topics, integrating insights from psychology, sociology, and political science.