How would Scotland meet the challenge of independence?

Hamish McRae takes a long term look at the challenges and opportunities independence might offer Scotland:

This is not whether Scotland would be successful as an independent country. With the right policies of course it could, as Ireland has done post the late 1980s. With the wrong policies it would be an economic failure, as Ireland was before its boom.

The most interesting thing is how Scotland would cope with success on an Irish scale. How would it cope with the excesses of a runaway boom? How would it cope with mass immigration? Ireland has gone from 2.8 million to 4 million in the space of a generation. Would Scotland draw back and try and stifle growth? Or would it welcome its different position in the world and the people who came to share it?

Adds: Worth contrasting with John Kay’s take on this same question.