Dr. Jill Herndon of UF (a former member of UES) avers that UES was founded in the mid-1980s. Current UES historians put the year of founding around 1986. Not much is known about the Society from 1986 to 2000, collectively known as the First and Second Ages of UES. During that time, it is believed that the membership fluctuated between 4 and 8 members and that Dr. Larry Kenny served as faculty advisor for much of this time. Dr. Berg also served as faculty advisor to the club. A mythical former President of UES is Eric Abel, who claimed he was President in 2000. The small UES group went to the national American Economic Association meeting as well as to the Jacksonville Federal Reserve. Meetings were held in both Little Hall and Matherly every other week. The Second Age of UES ended after 2001, a year in which Bob Lotfinia became Vice President. Lotfinia held the position for a year, then became President of the Society for Spring 2002. Attendance during the Spring ranged from 5-10 members, including future Presidents D. Madrigal and E. Breitenstein, and Lotfinia ran unopposed for re-election. Elections in UES are at the end of each Fall and Spring semester.

In Fall 2002, the Society achieved its greatest membership increase to date. Many who began attending in this semester would come for the following three years, forming a strong foundation for the club in the process. During the Lotfinia Administration, which would set all the important precedents for Presidents to come, R. O'Neill, C. Waugh, R. Vyas, A. Skobel, M. McCluskey, M. DeVicente, J. Palmerino, and S. Axelrod became members. During the Fall, members went to the Mises Institute and Jacksonville Fed. Lotfinia also got the enduring dark green UES t-shirts with the group's slogan, "Economists do it with models," on the back. Lotfinia did not seek re-election in December 2002, content to be a two-term President although he met with unanimous approval from the members. He is considered the George Washington of UES, although unlike George Washington, Lotfinia has shown no signs of going away. After his Presidency, Lotfinia assumed the title "President Emeritus." This semester is also notable for the initial formation of the Voting Bloc Party, an informal organization that would control UES Executive Boards until the present day.

Ramie O'Neill, who served as one of Lotfinia's Vice Presidents, was elected President. She served one term, Spring 2003. The officers elected with her were E. Breitenstein at VP, D. Madrigal at Treasurer, and J. Ruth at Secretary. During this term, UES packed rooms in Little Hall with unprecedented attendance. Also, O'Neill started the UES tradition of "soirees." Mike Brown started coming to meetings in this semester. O'Neill is considered one of the top, if not the top, administrator of UES in its history. The elections this semester surprised some because no one knew one of the winners. Eric Breitenstein became President, H. Grieb became Vice President, M. McCluskey became Treasurer, and R. Vyas became Secretary. Breitenstein began Summer B meetings and endorsed R. Vyas's "Interactive Minute" to begin meetings. The Breitenstein Administration is considered a qualified, if awkward, success by historians and was the only semester when someone besides the President stood at the front of the meetings (the VP tended to run the meetings as much as the President).

Christian Waugh won a landslide election over Hal Grieb to become President of UES for Spring 2004. The Waugh Administration was as long as it was ambitious, stretching from January 2004 to May 2005. Amongst the many changes for the club, "Undergraduate" was changed to "University" in the Society's name, the Society withdrew from the College of Liberal Arts and Sciences Student Council and went to the Business Administration College Coucil, meetings changed from a biweekly basis to a weekly basis, the Historian position was created, and the Society started Summer A meetings so that UES meets year-round. Meetings were moved to Matherly from Little Hall. People also began going out to eat after meetings, helping to bring down the walls people had between their personal lives and the Society, an effort begun under President O'Neill. Somewhat notably, Waugh changed the traditional "Introductions" before each meeting where members say their name, year, major, and something interesting about themselves into "Awkward Introductions." The only difference is that people were invited to basically tell a story. The modern UES was created by Lotfinia, but shaped to its longest-lasting and most enduring form by Waugh, who became the longest-serving President in UES history holding office for three elected terms with VPs K. Fox, Mike Brown, and A. Skobel, Treasurers J. Palmerino, M. Brown, and R. Vyas, Secretaries M. Chohonis, J. Palmerino, and R. Vyas, and Historian M. Devicente. Waugh stepped aside for his successor, who had been intent on becoming President for years. Unlike most Presidents, however, and much like Margaret Thatcher with her Conservative Party in the UK, Waugh was utterly unable to stay out of UES politics so long as he had the will to mobilize the Voting Bloc Party.

Raju Vyas became President for Fall 2005 but presided over meetings that Summer as is the custom. M. DeVicente became VP, M. Chohonis became Treasurer, M. Redondo became Secretary, and M. "Sammy" Mayberry became Historian. Vyas also pursued an ambitious agenda, moving the meetings to Wednesdays, and pushing for more soirees and activities on the part of the club. Both policies were successful, insofar as the Society had several successful soirees and had its first debate, held against the Students for Making Trade Fair in November 2005 at the UF Orange & Brew restaurant. Vyas also presided over the creation of the UES blog, Awkward Utopia (a project led by fmr. President Waugh), and the UES Reading Group (a project led by President Emeritus Lotfinia), which met weekly to discuss a reading selection picked by one of the members. The atmosphere no doubt helped hold the attraction of many of the freshmen who joined this semester. Although Vyas had indicated his intention to be a two-term President, he stepped aside for his old friend and successor.

Diego Madrigal was elected President for Spring 2006 alongside M. Redondo at VP, T. Durrenberger at Treasurer, M. Masten at Secretary, and P. Van at Historian. The elections were, despite the usual Voting Bloc Party machinations, highly volatile, unpredictable, and exciting. The Society elected to move meetings back to Tuesdays. The Madrigal Administration featured consistency in the delivery of pizza and drinks and a Shoot-a-thon. One of Madrigal's first decisions was to declare that every President who held office over a Summer semester would have a term added to their number in order to reflect the fact that the Summer semester has come into its own for the Society's activities. Therefore, Lotfinia became a three-term President, Breitenstein a two-term, Waugh a four-term, and Vyas a two-term. Also during the Madrigal Administration, UES ratified a new Constitution authored primarily by former President Lotfinia at the behest of former President Waugh. It codified UES common law and practice, if you will, but also included additions pertaining to the Supervisor of Elections, the opening of meetings, and officer duties. Tom Durrenberger was elected President for Fall 2006 by a one vote victory, alongside M. Masten at VP, F. Vickers at Treasurer, V. Raj at Secretary, and A. Brameister at Historian. Although not much exists in the record as far as that summer's meetings go, the Administration failed for virtually the whole semester to bring pizza to the meetings. Additionally, most meetings were held in MAT224 because MAT120 was unavailable. There was another Shoot-a-thon, but that was about it. Overall, a lackluster Presidency from an Administration that didn't seem to care.

However, Mike Redondo was elected unanimously to bring UES back to its former glory. F. Vickers moved up to VP, V. Raj to Treasurer, A. Brameister to Secretary, and J. Neiderriter was elected as Historian. The Redondo Administration featured strong Awkward Introductions, consistently good attendance, very consistent delivery of pizza to its members, as well as popular, affordable new t-shirts featuring a unique shade of green. In every material sense, the Redondo Administration was a success. C. Rawls attempted to organize a debate with the Fair Trade people again, but the members did not seem to want it. Redondo was precluded from running for re-election by his pending departure for FSU Law. As such, the new wave of UES prepared to take over.

Amanda Brameister was elected President for Fall 2007 with V. Raj at Vice President, J. Neiderriter at Treasurer, S. Slade at Secretary, and D. Goldfarb at Historian, constituting a Voting Bloc Party sweep for the first time since the Madrigal Administration. Hopes were high for the Brameister Administration to continue the upward track of UES and they were fulfilled. Brameister is remembered as a very capable administrator who managed a competent group of officers as she oversaw the club return to a level of activity not seen since even the Vyas Administration. During her first term, Summer 2007, she assigned her Presidential powers to M. Masten, a long-time UES officer. In this summer, weekly meetings of different topics gave way to weekly meetings with a singular purpose: designing a "UES school" that would be a private school adequately fulfulling the demand of the market for quality. Masten was also the Acting President when UES visited her in Atlanta and together they visited the Atlanta Federal Reserve. The UES contingent included former UES All-Stars such as D. Madrigal, A. Skobel, and Mike Brown. The Fed Trip had long been considered an albatross for UES because every President since Breitenstein had attempted to pull it off with varying degrees of auspicious failure. Additionally, the club held a viewing of Commanding Heights at J. Neiderriter's place.

Vivek Rajasekhar (aka Vake), who entered UES at the same time as Brameister, was elected to succeed Brameister who stepped aside to pursue a semester-long adventure to the West. He was elected alongside J. Niederriter as VP, M. Villapando as Treasurer, S. Slade as Secretary (re-elected), and D. Goldfarb as Historian (re-elected). Rajasekhar became the second UES President of Indian descent, but continued the streak of three straight Voting Bloc Presidents and five straight libertarian or conservative Presidents. Rajasekhar began using a gavel to maintain order in UES meetings, though attendance was slightly off from the trend and pizza became a rarity. Rajasekhar, like Vyas, was extremely ambitious with his incoming agenda, though perhaps not as successful in accomplishing it. Rajasekhar and Brameister both were eligible as of April 2008 for several more terms as President, but both went into retirement so that another could become President.

UES elected David Goldfarb to succeed Rajasekhar as President. Although Vake had another year of eligibility, he chose to focus on his studies and relinquish the Presidency. Goldfarb was elected to enact an ambitious agenda involving a UES library, UES office, stronger advertisement, and possibly a meeting location change. He was elected along with S. Slade as Vice President, J. Glover as Treasurer, "Jonathan" as Secretary, and "Dan" as Historian. The Fall 2008 semester promises to be good, especially if Glover can follow through on his Chik-Fil-A sources. At the election, UES unanimously voted to declare Matt Masten an honorary UES President.

By the time this article was updated in April 2008, one of UES's unique traits has become clear: since August 2002, many persons have converted their political philosophy based on its weekly discussions. Many who have consistent attendance find themselves shifting from liberal viewpoints toward the center, and even, sometimes, toward right-of-center positions. Generally, the ideological center of gravity lies in the center of the political spectrum: socially liberal and fiscally extremely conservative, generally matching up with the label 'libertarian.' It is of note that the first several UES Presidents in the Third Age (Lotfinia, O'Neill, Breitenstein) were either Independent or Democrats. Waugh began a trend of Republican Presidents, briefly broken by Vyas, that continues today (as of the Goldfarb administration)-- though those Republicans completely spanned the ideological spectrum, with Madrigal its most conservative, Waugh its most libertarian, and Rajasekhar its most reluctant. Lotfinia famously remarked that despite his well-developed libertarian philosophy, he would not register Republican, no matter how appealing the candidate, until Bush left the office of President of the United States. Despite very tempting opportunities, he has stayed true to his word to the dismay of Waugh, who rejoiced in every conversion.

There have been many projects attempted by the UES Presidents over the years that have not gone anywhere. Waugh attempted to create the Florida Review, published by the UES, which would be an on-line journal for undergraduates who wanted to publish their work and a forum for other selections and contributing writers. Rajasekhar wanted to debate the Ohio State University Undergraduate Economics Society. Other ideas that are thought of positively but as yet untried include the "Annual UES Gala," a formal event, a UES office somewhere in Matherly, a textbook swap service, a tutoring service, Community service, and the list goes on. UES has held end of semester Banquets at Friday's, Hooters, Bennigan's, Joa, Satchel's, Merlion, and Chopstix.

Will there be another 22 years of UES? One thing is for sure: the Third Age ended in April 2008, with the departures of Lotfinia, Waugh, and Masten. This core had helped define UES for almost a decade, and certainly for the greater part of its glory. To paraphrase Ghanima from Children of Dune, history is written in the meetings of UES. A chapter has ended, swept away by the whirlwind. One door has closed, but another has opened... and on the other side... our future.