Numbers add up for tribute to legacy of Adam Smith

AN annual Adam Smith day is set to be staged in the Capital by the group behind a new statue of the famous economist on the Royal Mile.

A two-day series of events to commemorate the giant of political thinking is to take place this year to mark the unveiling of the 20-foot statue of Smith in Parliament Square on July 4.

The Adam Smith Institute – the authoritative research body behind the statue – is planning to give the celebrations an annual place on Edinburgh's events calendar.

Dr Eamonn Butler, director of the institute, said the commemorative day would attract academics and Smith enthusiasts from around the world.

Prime Minister Gordon Brown and Margaret Thatcher are among those he hopes will attend in the future.

Debates, lectures and exhibitions are among events planned for the day, which would also involve an annual re-dedication of the new statue.

"Adam Smith has an enormous international fan club – that is one of the reasons it is important to do this," said Dr Butler.

"The tomb site in Canongate kirkyard is not very impressive and neither the church nor the council wants large numbers of people traipsing across the graveyard to see the tomb. This is a chance to recognise him in an appropriate way."

Nobel Laureate in economics Vernon Smith is to unveil the statue on July 4. Organisers expect around 200 people to attend the ceremony, including academics from across Europe, the United States and Canada. A debate, titled "This house would prefer to be led by an invisible hand" is to be held in The Caves on South Niddry Street on July 3, featuring debaters including former Scottish Secretary Michael Forsyth.

An exhibition of Smith books and papers will be held on July 4, followed by a dinner at Edinburgh University's Playfair Library.

The new statue has been created by Alexander Stoddart, the sculptor who made the David Hume statue on the Royal Mile. Preparations for the new statue have already started, with the area where it is to be erected – the bottom end of Parliament Square – being fenced off in preparation.

Although many statues have been the focus of anti-capitalist protests, Dr Butler played down the chance of something similar happening to Smith.

He said: "With almost every statue you get a traffic cone on its head, but few get damaged. Adam Smith is accepted by the left and the right. He believed in the free market because he thought it was the best way to help the poor."

Ron Hewitt, chief executive of the Edinburgh Chamber of Commerce, said: "Not only is he the founding father of economics but also a key figure in the whole Enlightenment."

Councillor Tom Buchanan, the city's economic development convener said: "It's entirely right that Adam Smith should be recognised in Edinburgh given his connections with the city."