Economics, as a study, was first established in the 18th century by Adam Smith, who founded the so-called classical school, which included other British economists such as David Ricardo and John Stuart Mill. The classical school embraced the concept that economics concerned itself with the study of natural laws. It was John Maynard Keynes, who, in the 20th century, developed prescriptive theories; ones which were lovingly embraced by twentieth century politicians. In recent years more and more people of influence saw the immense social problems brought on by Keynes and his school; in the meantime the lonely lights of the classical school kept burning and were represented by the likes of Ludwig von Mises, Friedrich A. Hayek and Milton Friedman.