1 Classical economic theory: was first proposed by Adam Smith in the book "An Inquiry into the Nature and Causes of the Wealth of Nations" 1. was the predominant theory in industrialized nations from the time of Adam Smith until the "Reagan Revolution" of the 1980s 2. was the predominant theory in industrialized nations from the time of adam smith until the reagan revolution of the 1980s. 3Both of the above 4 Neither of the above