Tuesday , August 21 2018

What was Brexit really about?

Summary:
Those who try to understand the Brexit vote in terms of bean counting (or cost-benefit analysis) are missing the point. Yes, there was a strong underlying economic reason for the manner in which the majority adopted Brexit. But it had nothing to do with a calculation of what the result of the referendum would do to people’s hip pocket. Voters did not behave like homo economicus. (This is where the official Remain campaign, with its emphasis on ludicrous econometric scaremongering got it so badly wrong.) We saw how regions, like Cornwall, that have a great deal to lose from Brexit (as they are net beneficiaries of European structural funding), voted strongly in favour of Brexit. My estimation, the feeling I

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Yanis Varoufakis
An accidental economist Let me begin with a confession: I am a Professor of Economics who has never really trained as an economist. But let’s take things one at a time.

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