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New Wealth for Old Nations : Scotland's Economic Prospects - Diane Coyle

New Wealth for Old Nations

Scotland's Economic Prospects

By: Diane Coyle (Editor), Wendy Alexander (Editor), Brian Ashcroft (Editor)

Hardcover Published: 10th April 2005
ISBN: 9780691122564
Number Of Pages: 256

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"New Wealth for Old Nations" provides a guide to policy priorities in small or regional economies. It will be of interest to policymakers, students, and scholars seeking avenues to improved growth, greater opportunity, and better governance. Some of the world's leading economists combine their research insights with a discussion of the practicalities of implementing structural reforms. Scotland is the ideal case study: the recent devolution of government in the United Kingdom offers a natural experiment in political economy, one whose lessons apply to almost any small, advanced economy.

One fundamental conclusion is that policy can make a big difference to long-term prosperity in small economies open to flows of knowledge, investment, and migrants. Indeed the difficulty in introducing growth-oriented policies lies more in the politics of implementing change than in the theoretical diagnosis. Public sector governance is consequently a key issue in creating a pro-growth consensus. And faster growth must be seen to improve opportunities for the population as a whole. Further, setting out the evidence--as this book does for Scotland--is vital to overcoming entrenched institutional barriers to policy reform. The first chapter is by Jo Armstrong, John McLaren, and the editors; and the subsequent chapters are by Paul Krugman, William Baumol, Edward Glaeser, Paul Hallwood and Ronald MacDonald, James Heckman and Dimitriy Masterov, Heather Joshi and Robert Wright, Nicholas Crafts, and John Bradley.

"New Wealth for Old Nations focuses on the challenge of improving prosperity in small open economies committed to social justice and environmental sustainability... The strengths of the collection lie mainly in the astute insights and systematic analysis in the individual chapters. The book is a valuable and polished set of essays with many interesting observations on the complex dynamics and drivers of regional economic development."--Ivan Turok, Journal of Regional Science

Prefacep. vii
List of Contributorsp. ix
Introductionp. 1
The Political Economy of Scotland, Past and Presentp. 11
Growthp. 33
Second Winds for Industrial Regions?p. 35
Four Sources of Innovation and the Stimulation of Growth in the Scottish Economyp. 48
Four Challenges for Scotland's Citiesp. 73
The Economic Case for Fiscal Federalismp. 96
Opportunityp. 117
Skill Policies for Scotlandp. 119
Starting Life in Scotlandp. 166
Governancep. 187
High-Quality Public Servicesp. 189
Committing to Growth in a Small European Countryp. 210
Conclusionsp. 232
Table of Contents provided by Ingram. All Rights Reserved.

ISBN: 9780691122564
ISBN-10: 0691122563
Audience: Tertiary; University or College
Format: Hardcover
Language: English
Number Of Pages: 256
Published: 10th April 2005
Publisher: Princeton University Press
Country of Publication: US
Dimensions (cm): 23.5 x 15.2  x 2.54
Weight (kg): 0.5