Monday, October 30, 2006

Adam Smith note to be released.

The BBC reports that a new £20 note will be released in the UK with the likeness of Adam Smith on it. The really dumb thing in the BBC report is that they say: "The economist is most famous for his book the Wealth of Nations which many regard as almost inventing the concept of competition and market forces."

This is like saying Benjamin Franklin invented electricity or Newton invented gravity. However, Smith, who explained the natural market forces and how they work deserves the honour. He is the first Scot so honoured by the Bank of England. However, I think the note itself a bit unattractive.