This excellent book is a study of the implications of the referendum for Scotland's, indeed Britain's, future. Iain McLean is a Professor of Politics at Oxford University. Jim Gallagher and Guy Lodge are both Gwilym Gibbon Fellows at Nuffield College, Oxford.
They point out that EU treaties oblige member countries to have a central bank. The SNP says the Bank of England would be Scotland's central bank.
The SNP says that its 3 per cent corporation tax cut would lift output by 1.4 per cent, jobs by 1.1 per cent (27,000) and investment by 1.9 per cent - by 2034! But to take advantage of lower corporation tax, all a company has to do is set up a shell company to move its taxable profit, not any jobs or actual production, to the cheaper country.
The Scottish government has made no effort to devolve labour market law. It clearly supports the present anti-trade union laws.
Under devolution, there are no UK-wide framework laws covering devolved matters, no insistence that citizens living in devolved territories are entitled to a minimum level of service provision or UK-wide common standards. Scotland has higher levels of public spending than the rest of the UK. Its domestic tax revenues per head are the same as the UK average. It relies on current oil revenues to support its current level of public spending. As the authors conclude, "with oil revenues at their 2009-10 level, an independent Scotland would have either to raise taxes or cut services, or both."