« Picture of the Day | Main | Big Apple Cricket »
So, Panmure House, Adam Smith's former Edinburgh home, has been sold. The ASI reports:
Councillors in Edinburgh have approved the sale... to Heriot-Watt University. They chose the £800,000 bid over a higher offer, on the grounds that the University would make the building more accessible to the public. The University plans to restore the house to promote the study of economics.
Hmmm. Wouldn't it have been more appropriate to sell to the highest bidder?
TrackBack URL for this entry:
http://www.typepad.com/services/trackback/6a00d83451b73069e200e55242326e8834
Listed below are links to weblogs that reference Adam Smith's Hoose:
This is only a preview. Your comment has not yet been posted.
As a final step before posting your comment, enter the letters and numbers you see in the image below. This prevents automated programs from posting comments.
Having trouble reading this image? View an alternate.
Hmmm. Wouldn't it have been more appropriate to sell to the highest bidder?
Betrays, at best, a naive understanding of Smith's economics.
Posted by: hoi polloi | May 16, 2008 at 02:16 PM
Why not bulldoze it and put up something that would generate more profit?
Posted by: Hal | May 17, 2008 at 12:37 AM
I do not think Edinburgh Business School (Heriot-Watt University) needs lessons in Adam Smith's political economy, thank you (see G. Kennedy, Adam Smith's Lost legacy, 2005, Palgrave Macmillan, or visit the web site: www.adamsmithslostlegacy.com).
The bid from EBS was from commercial transactions, not public funds, and EBS undertakes no educational activity that does not make a profit - it is not subsidised from public funds and makes a surplus each year from its work, all re-invested in its charitable objects, as the purchase of Panmure House will be too.
The difference in the bid was £150,000, a rather small amount which will be more than covered quickly by the commercial operations of Adam Smith's former home (1788-90) in pursuit of academic excellence in economics.
This is also a public benefit, which was lauded by Adam Smith. Please read Smith's Theory of Moral Sentiments, Book IV, chapter 1, paragraph 11 (the very next paragraph after his description of the rich landlord feeding his tenants), on 'Utility'.
Both 'Hoi polli' and 'Hal' may benefit from actually reading Moral Sentiments and Wealth Of Nations before assuming that they can speak of Adam Smith's views.
Posted by: Gavin Kennedy | May 17, 2008 at 07:29 AM
Alex,
I've had my say here.
Posted by: David Farrer | May 18, 2008 at 10:18 AM
where is your J team and for that matter your K & M teams
Posted by: tommyt | May 18, 2008 at 12:55 PM
i will however let you off with your L team
Posted by: tommyt | May 18, 2008 at 12:56 PM
Gavin Kennedy,
I was trying to be sarcastic. I think the initial blog entry was silly, a rarity for Mr. Massie.
Hal
Posted by: Hal | May 19, 2008 at 04:42 AM
Some of us have to give a speech about Adam Smith in front of Madsen Pirie and half the bloomin' ASI in a few weeks.
Anyone got the pop-up version of Wealth of Nations?
Posted by: Mr Eugenides | May 20, 2008 at 09:50 PM