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AS: Yes. If we take the hive first. The hive concept, which is borrowed freely from Bernard Mandeville’s ‘The Fable of the Bees’, is symbolic of numerous elements of Adam Smith
— a monumental figure On the 4th of July on the Royal Mile in Edinburgh the long-awaited statue to Adam Smith was unveiled. Below is an account of an interview that John Struthers of the University of the West of Scotland held with the Sculptor Professor Alexander Stoddart. Professor Stoddart is widely regarded as Scotland's most renowned monumental sculptor and is based at the Paisley campus of the university where he is also an Honorary Professor of Arts and Media. The statue was unveiled by Nobel Laureate Professor Vernon L Smith.14
Smith’s contributions; eg The famous pin factory and the concept of the division of labour — just like a bee hive full of hard work and productivity. The ‘workers’ are akin to the bees in the hive — industrious, proud, and working collectively — a venerable ‘maelstrom of economic activity’. This is where we get the term ‘hive of industry’ from. Around the hive are several banding tapes. These represent, respect for property, and respect for persons. In fact they represent the Rule of Law or respect for property rights which is now recognised as an essential part of Smith’s economic philosophy. Not a stifling or stultifying bureaucracy, but an enabling and benevolent authority or government — minimum government in fact.