Sir James Mirrlees, a Nobel prize winning economist who sits on Scotland’s Council of Economic Advisers, reckons that the degree of integration between the two economies guarantees them against asymmetric shocks, and therefore the likelihood of the larger country having to bail out the smaller one. Well perhaps, but Nobel prize winner or not, I’m not inclined to trust the word of an economist who at a recent conference quite seriously endorsed the completely bonkers idea of a top marginal rate of income tax of 100 per cent, this on the grounds that some people will continue to work regardless.
But of course Sir James is a neoliberal who also insists that corporation tax should be abolished and that income from capital should be taxed at a lower rate than that from labour. Even to the extent that all savings and all income from savings should be entirely untaxed: only that money that is spent on consumption should be taxed (ie, a progressive consumption tax).
So while he might like some of the man’s views it’s most unlikely that he would accept them all.