Joseph Stiglitz: there is no basis for this scaremongering…but this is not just about money | Herald Scotland – Joseph Stiglitz

Cropped picture of Joseph Stiglitz, U.S. econo...

Cropped picture of Joseph Stiglitz, U.S. economist. (Photo credit: Wikipedia)

This is an excellent, must-read article from Nobel Prize winning economist, Joseph Stiglitz. Check it out!

via Joseph Stiglitz: there is no basis for this scaremongering…but this is not just about money | Herald Scotland – Joseph Stiglitz.

Whilst I identify with the thrust of Stiglitz’s argument, I do not agree with the conclusions. I think that Paul Krugman was right to highlight the risks of an independent Scotland.

Stiglitz point about Scotland being more socialist and the rest of the UK moving towards the US model is a powerful point. However, voters in England, Wales and Northern Island should have a say as well.

Of course, Stiglitz is right to talk about the benefits as well as the costs. The reality is that the costs, benefits and risks have not been properly costed. As I have argued previously, there is a large transition cost with enormous risk.

In the absence of proper costing of the costs, benefits and risks, the safest option is to vote “No” to independence.

Opinions?

Paul Krugman, Laureate of the Sveriges Riksban...

Paul Krugman, Laureate of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2008 at a press conference at the Royal Swedish Academy of Sciences in Stockholm (Photo credit: Wikipedia)

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