The Adam Smith Statue, located on the Royal Mile next to St. Giles’ Cathedral, was erected in 2008. It was funded entirely by private donations, led by Dr. Eamonn Butler, the director of the Adam Smith Institute. The statue was created by Alexander Stoddart and was unveiled by Nobel Laureate Economist Vernon Smith.
Adam Smith is widely considered to have founded modern economics with his book An Inquiry Into the Nature and Causes of the Wealth of Nations. Today his work is considered a cornerstone of economic philosophy.