The first occupant of the chair was William Smart. He had previously been lecturer in Political Economy at Queen Margaret College and the university's first official lecturer in Political Economy. He remained in the chair until his death in 1915, and was succeeded the same year by William Scott. Scott, originally from Northern Ireland, was a political economy lecturer at the University of St Andrews when appointed, and an authority on Adam Smith. He served as president of the Royal Philosophical Society of Glasgow from 1931 to 1934 and of the Royal Economic Society from 1935 to 1937. Scott also remained in the chair until his death, in 1940. He was succeeded by Alec Macfie in 1945. He had a distinguished career, retiring in 1958, and was dean of Faculties from 1974 to 1978. In 1990, the James Bonar Chair of Political Economy was renamed the Bonar-Macfie Chair.