A brief history of economic thought. He was born on 5 May in Trier. A brief history of economic thought: Karl Marx. A brief history of economic thought: Karl. History of Economic Thought Timeline Mercantilist School Those in the Mercantilist School were mainly. 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.