Summary
YES, the economy is in trouble - worse than we thought, according to Mervyn King, the Governor of the Bank of England. But how should we be thinking about rebuilding the economy for the long run, once the present emergency is over? This is the substance of a new report from 11 of Scotland's leading economists, brought together by Universities Scotland, the umbrella body representing the nation's higher education institutions.
This study - entitled What Was/What Next? - claims to challenge received wisdom on the economic strategy Scotland should be following over next 20-30 years. Whatever caveats one might have about the document's arguments and conclusions, it is one of the most trenchant looks at economic policy seen in a while. It deserves to be studied hard by Holyrood and by the business community in Scotland.See the full content of this document
Extract
Leader: Why the Economy Needs a New Direction
The report examines in forensic detail many of the traditional explanations for Scotland's underperformance, as well as over- simple policy remedies, and finds them wanting. In the end, the team of senior economists attempts to distil the wheat ...
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