Page last updated at 15:47 GMT, Friday, 27 June 2008 16:47 UK

Adam Smith statue to be unveiled

Adam Smith statue Pic: Donald Tainsh
The statue will be unveiled in a ceremony in July Pic: Donald Tainsh

The world's first public monument to Scottish economist and philosopher Adam Smith is to be unveiled in Edinburgh.

The statue by Paisley sculptor Sandy Stoddard of the renowned "father of economics", takes place at 1215 BST on Friday 4 July on the High Street.

The statue will be placed next to St Giles Cathedral, opposite Edinburgh's City Chambers.

Adam Smith taught at Glasgow University and lived and is buried in Edinburgh. He was born in 1723 and died in 1790.

He is known primarily as the author of two treatises: The Theory of Moral Sentiments, which was published in 1759, and An Inquiry into the Nature and Causes of the Wealth of Nations, which was first published in 1776.

Smith is also known for his explanation of how rational self-interest and competition can lead to economic well-being and prosperity.

Nobel Laureate economist Vernon Smith shall perform the unveiling with a reception at the City Chambers afterwards.

The statue has been paid for by private subscription, organised by Dr Eamonn Butler Director of the Adam Smith Institute.

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