Adam Smith necktie is a Washington status symbol

Secretary of State-designate George P. Shultz owns a wardrobe of them. They're Adam Smith neckties, and they may be one of Washington's most sought-after status symbols.

Other extremely frequent donners of the Adam Smith neckwear are presidential counselor Edwin Meese, Defense Secretary Caspar W. Weinberger, and a number of lawmakers and bureaucrats, according to the New York Times.

The necktie that honors 18th century free-marketeer Adam Smith, whose ideas are cherished by the Reagan administration, was designed by Norma Lipsett of North Adams, Mich. It comes in an array of colors and designs, including a cameo-only version and one with cameos and stripes.