Scotland’s Currency Dilemma

Primary Author or Creator:
William Thomson
Bella Caledonia
Alternative Published Date
Type of Resource:
Fast Facts

“the economic framework underpinning Scottish independence is dangerously misguided and likely to lead to a worse economic situation than we experience as part of this dysfunctional Union.”

More details

Undoubtedly, the Scottish government is firmly rooted in an orthodox view of the economy. Their advisers, as orthodox economists, fundamentally struggle to change their narrative. This is perhaps one of the reasons why the orthodoxy remains so powerful. No deviation from the founding principles is ever considered, save the whole edifice will fall. In many ways, this obstinance is hardwired into the discipline. When you build your beliefs on axioms, ‘natural laws’ and assumptions which can not be tested in the real world, pivoting is a serious challenge. For an orthodox economist, it is much easier to move the goalposts than to change the rules of the game.