Heriot-Watt marks 250 years of Adam Smith’s Wealth of Nations

A landmark event was held in Edinburgh last night to mark 250 years since Adam Smith published The Wealth of Nations, the work widely regarded as the foundation of modern economics.

Smith, known globally as the father of modern economics, published his seminal book An Inquiry into the Nature and Causes of the Wealth of Nations on 9 March two and a half centuries ago.

Hosted by Heriot-Watt University’s Panmure House, Adam Smith’s final residence for the last 12 years of his life, and supported by Baillie Gifford, the celebration featured the latest lecture in a series exploring the lasting impact of his ideas.

Professor Richard A. Williams, Principal and Vice-Chancellor of Heriot-Watt University said: “Adam Smith is one of the finest minds Scotland has ever produced, and his work continues to shape our society in profound ways.

“It is fitting to honour his legacy here at Panmure House, where so much of his thinking was developed.

“The team has done exceptional work to preserve this unique institution, and we hope continues to inform and inspire the next generation of great economic thinkers.”

To mark the occasion, the latest lecture in the Adam Smith Lecture Series, was delivered by renowned global economist The Right Honourable The Baroness Moyo of Knightsbridge.

Baroness Moyo is widely recognised as one of the world’s leading economic thinkers, advising senior decision-makers across international finance, public policy and global business.

Her career spans more than 25 years and includes influential roles with organisations such as Goldman Sachs, Barclays, Starbucks and Chevron, alongside board positions and extensive work on economic strategy and global markets.

Baroness Moyo said: “This anniversary of Adam Smith's Wealth of Nations comes at a time that we need to critically review the relevance of economics; when we must challenge and renew the ideas and ideals that have governed the global economy and the capital markets for 250 years.

"Major challenges to the global economy will only continue to accelerate and evolve, and we must understand whether, and how, to apply Adam Smith's founding principles to the complexities of today's environment.

"I am deeply honoured for the opportunity to discuss the roadmap for navigating the next chapter of the global economy."

Panmure House has stood in the heart of Edinburgh’s Old Town since the 17^th century and is recognised as a cornerstone of Scotland’s intellectual heritage.

Panmure House, built in 1691, sits in the heart of Edinburgh’s Old Town and was Smith’s home from 1778 until his death.

It served as a meeting place for Enlightenment thinkers and where he worked on later editions of The Wealth of Nations and The Theory of Moral Sentiments.

Professor Adam Dixon, Adam Smith Chair and Director at Panmure House said: “This was an exceptional evening, and we are deeply grateful to the Baroness for sharing such a rich and engaging perspective.

“For something to stand the test of time and still be relevant over two and a half centuries later is a testament to just how important a figure Smith is on a global stage.

“Heriot-Watt has proudly been at the heart of Panmure House’s revival since 2008, restoring the building with care and conviction so it could once again serve as a home for big ideas.

“Since reopening in 2018, our goal has been to ensure that Panmure House remains a place where Smith’s legacy actively informs global debate and helps illuminate the challenges of the twenty‑first century in the advent of global challenges such as a changing climate and the rise of AI.”

The Adam Smith Lecture Series, supported by Baillie Gifford, brings leading economic thinkers, practitioners and Nobel Laureates back to the birthplace of modern economics to deliver original keynote lectures of global relevance.

The series continues to explore how Smith’s ideas can help inform economic debate in a world facing profound and accelerating change.