New wealth for old nations : Scotland's economic prospects
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Bibliographic Information
New wealth for old nations : Scotland's economic prospects
Princeton University Press, c2005
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Description and Table of Contents
Description
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.
Table of Contents
Preface vii List of Contributors ix Introduction 1 Chapter One: The Political Economy of Scotland, Past and Present by W. Alexander, J. Armstrong, B. Ashcroft, D. Coyle, J. McLaren 11 PART 1. GROWTH 33 Chapter Two: Second Winds for Industrial Regions? by P. Krugman 35 Chapter Three: Four Sources of Innovation and the Stimulation of Growth in the Scottish Economy by W. J. Baumol 48 Chapter Four: Four Challenges for Scotland's Cities by E. L. Glaeser 73 Chapter Five: The Economic Case for Fiscal Federalism by P. Hallwood and R. MacDonald 96 PART 2. OPPORTUNITY 117 Chapter Six: Skill Policies for Scotland by J. J. Heckman and D. V. Masterov 119 Chapter Seven: Starting Life in Scotland by H. E. Joshi and R. E. Wright 166 PART 3. GOVERNANCE 187 Chapter Eight: High-Quality Public Services by N. Crafts 189 Chapter Nine: Committing to Growth in a Small European Country by J. Bradley 210 Chapter Ten: Conclusions 232
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