Monumental Achievement – Adam Smith…

Three years in the making, Dr Madsen Pirie, President & Dr Eamonn Butler, Director, of the Adam Smith Institute achieved a world first: the first major public monument to Adam Smith. Unveiled by Nobel Prize winner in Economics, Professor Vernon L. Smith, the magnificent statute was revealed to the world on July 4th 2008, during two days of celebrations. Standing ten feet tall, upon a ten foot pedestal, the striking bronze monument is a fitting, and belated, tribute to the pioneering economist and key thinker of the Scottish Enlightenment. From ASI’s own website, we learn that:

“The Statue shows Smith in later life — he spent his last years in Edinburgh — but still strong. Behind him is a plough, modelled from a contemporary plough in the Scottish Farming Museum, reminding us of the agrarian economics which Smith supplanted. Before him is a beehive, a symbol of the industry on which he believed progress was based. On top is a globe on which Smith rests his hand — made invisible by his academic gown. The gown itself reminds us of Smith the philosopher, exploring eternal ideas; and behind, St. Giles’s Cathedral completes the evocation. From the other side, we see Smith’s 18thC dress, with the City Chambers beyond, reminding us of Smith the economist, dealing with practical matters. His neckware is modelled on that worn by Thomas Jefferson, his wig is based on one of George Washington’s — recalling Smith’s strong support for free trade with America.”

Funded entirely by private donations, it is an outstanding reminder of his role in founding modern economics.


Author: Damian Merciar

Damian Merciar is Managing Director of Merciar Business Consulting,, a niche business economics consultancy founded in 1998. He has over twenty years experience in the areas of commercial Business Strategy. He is experienced in the transition environments of nationalized to private sector state utilities and the senior practice of commercial management, advisorial consultancy, and implementation. He has carried out policy advisory work for government ministries and been an adviser to institutional bodies proposing changes to government. He holds an MSc Economics from the University of Surrey’s leading Economics department and an MBA from the University of Kent. Also attending the leading University in the Middle East, studying International Relations and Language, for which he won a competitive international scholarship, and has a BA (Hons) in Economic History and Political Economy from the University of Portsmouth. He is currently based in London.

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