US professor wins $75,000 Panmure House economics prize

Hello and welcome to our daily digest of business, financial and economic news from around Scotland.

1. An American professor has won a Scottish economics prize that celebrates the influence of Adam Smith.

Kirk Doran, of the University of Notre Dame, was on Monday named the winner of the $75,000 Panmure House prize, which seeks to recognise innovation in the field and highlight the influence of the 18th-century Scottish economist.

Doran’s research looks into the keys to long-term innovation and suggests that unplanned intellectual friendships can have a strong impact.

Professor Kirk Doran, the winner of this year’s prize, believes in the power of human relationships for innovation

He said: “It’s when innovative people bump into each other randomly and then start hanging out with each other all the time, and talking about dozens of different topics, that they can stumble across something