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Statuesque Smith



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Published Date: 07 July 2008
Many scholars and visitors to Edinburgh will be impressed by Sandy Stoddart's statue of Adam Smith, unveiled last Friday and located in one of the most prominent parts of the Royal Mile. But they might be less impressed by Brian Ferguson's account of what Smith actually stood for (your report, 5 July).
It is not accurate to say that the great man was entirely optimistic about the economic future. While he focussed rightly on the liberating, rebalancing and wealth creating effects of markets, and the restrictions of mercantilism, he also showed that economic growth could not be unending. He saw that a declining rate of profit could lead to industrial decline, and end in poverty and stagnation. This is one of the reasons that economics is known as the dismal science.

BOB TAYLOR
Shiel Court
Glenrothes, Fife



The full article contains 139 words and appears in The Scotsman newspaper.
Page 1 of 1

  • Last Updated: 06 July 2008 8:17 PM
  • Source: The Scotsman
  • Location: Edinburgh
 
1

Beth Boyle,

NY 07/07/2008 04:46:50
I like it but it was hard to find a photo of it on line but I finally found it doing a picture search on Google.
2

Neil,

Glasgow 07/07/2008 11:16:39
This assertion would be more valuable if the author had produced some evidence that Smith thought growth was limited. Of course he lived in a period when Glasgow & Edinburgh were a 3 day coach trip apart & it is perhaps unfair to expect him not to have forecast a day when we have an economy in which it is possible to fly to Australia (in considerably comfort) in 1 day (particularly since Australia was only discovered shortly before his death.

People nowdays who say our future is doomed to be one of higher energy prices, declining resources & dropping population, when they can know we can produce unlimited cheap power & can see the literally unlimited resources & indeed living spaces in space, have no such excuse.
3

ThePeter,

Glasgae 07/07/2008 17:59:12
Why oh why can't they bring back coaches?
3 days for Weegies to get to the Capital city, why make it so easy for them????
4

EWB,

UK 07/07/2008 19:09:07
Those students from Lochgelly FE College who insisted that their student union be renamed after Jenny Lee and all associations with Adam Smith removed, because they equated him with a heartless capitalist, should read Mr Taylor's second paragraph. Perhaps, though, they would not like to see their prejudices refuted.

 

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