Statuesque Smith
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
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Weather for Edinburgh
Monday 28 May 2012
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Sunny
Temperature: 9 C to 22 C
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