Was Mark Blyth wrong about an independent Scotland's economy?

DATA matters to economists. It should also matter to the people of Scotland. It is, most especially, vital when it comes to theThis issue was highlighted by comments made by political economist Professor Mark Blyth at the Scotonomics conference last weekend. As

When it boils down to it, Blyth’s argument was quite simple. It was that Scotland does not make enough stuff to export to cover the cost of what it needs to import. As a result, he implied that Scotland could not survive as an independent country.He framed his comments within the context of the economic idea of Modern Monetary Theory , which I support. But in reality, that makes no difference.

Similarly, many people would argue that Scotland’s imports from the rest of the UK exceed its exports to England, Wales and Northern Ireland. However, again, we simply do not know. His embarrassment about that fact might explain his angry comments in response to those on his remarks. It is, however, undeniable that he exploited a commonplace trope when making his claim. Unionists really would have us believe that Scotland is utterly dependent upon handouts fromera Scotland did, most definitely, export more by value than it imported. I could be persuaded otherwise at present because we are in a transition between energy production eras right now.

My argument is, in that case, straightforward. If the SNP is serious about securing independence, they have to better understand the economy that they want to manage. In that case, they should be creating the data now to support their arguments for independence.

Source: Financial Digest (financialdigest.net)

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