The Scottish economy [July 1981]

Fraser, N. and Hamilton, D. and Harrigan, F. and Jowett, A. and McNicoll, I. and Moar, L. and O'Donnell, N. and Orton, I. and Simpson, D. and Tait, E. and Walker, J. (1981) The Scottish economy [July 1981]. Quarterly Economic Commentary, 7 (1). pp. 6-25. ISSN 0306-7866

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The current economic situation is extremely depressed and recent events suggest that, without significant increases in economic activity, the political and social fabric of this country may be several strained. However, as argued in the UK section, the prospects for recovery are bleak and reliance on a purely financial strategy to restore growth is in itself inadequate. The source of real economic growth lies in the ability of labour, capital and enterprise to come together in a manner conducive to increased productivity over time. It is therefore worthwhile examining these factors of production to determine the effect of current policies upon them.