Tuesday , August 21 2018
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Why a second Brexit referendum makes no sense

Summary:
Besides the gross disrespect to those who voted in favour of Brexit (instructing them to go back to the polling stations to deliver what we think is the ‘right’ verdict), the call for a second referendum is fraught with logical incoherence. Any referendum, courtesy of being a binary Yes or No choice, must be clear on what the default is (which will obtain or hold in case the people vote No). Suppose now that, just before March 2019, the government comes back from Brussels with a draft Deal and puts it to a referendum. If voters vote Yes, end of story. But what if they vote No? What happens then? What is the default? One possibility is that a No vote translates into the UK government rescinding the Article 50

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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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