As the British Vote Today, Major Academic Study Reveals What They Will Lose by Leaving the EU
A major research study published in The Journal of Monetary Economics in May examined the economic impact of membership in the European Union. Specifically, it looked at the economic results for nations that joined the European Union (EU) from 1973 to 2004. The study found that the unique aspects of the EU, which involves both economic and institutional integration, was highly beneficial in raising income levels in member nations.
Science Direct: "The main conclusion from our analysis is that the economic benefits from EU membership are generally positive and large. Unsurprisingly, we find considerable heterogeneity across countries. However, our estimates indicate that only one country, Greece, experienced smaller GDP and productivity levels after EU accession. Overall, our estimates suggest that per capita European incomes in the absence of the institutional integration would have been about 10% lower on average in the first ten years after joining the EU."
And, the United Kingdom saw some of the largest gains from EU participation during its years of membership. Something for the folks in Britain to ponder as they go to the polls today.
By: Don Lam & Curated Content