HRH Prince William graduated at the University of St Andrews yesterday, as the three founders of the Adam Smith Institute did some years previously. The place worked its magic on him, as it does with most, and no doubt he will take away happy memories gained among its cobbled streets and grey stones.

Like many students these days, the prince is lined up for some work experience afterwards, in the three areas of the financial sector, land management, and mountain rescue. These are good choices.

From the mountain rescue service he will experience how important and valued is the work of the unpaid volunteers who give their time and risk their lives in the service of other mountaineers.

In land management he might learn some of the country conservation practised on his father's lands. He might see how the vast prairies of subsidized monoculture so prevalent elsewhere do nothing for the appearance or ecology of the countryside.

In the City he will acquire a knowledge of how economics and business works in practice, and understand the importance of controlling costs and putting incentives in place. He might well come to support the low taxes and sensitive regulatory regime under which economies prosper. Then again, he might learn to down incredibly strong cocktails in evening displays of conspicuous consumption!

Either way, he has made good choices which should bring him a range of useful experiences and knowledge.