![]() ![]() 3 While some scholars have attempted to use formal modelling, 4 the majority of studies have been case-specific and have not been based on economic models.Ĭould public choice theory and microeconomics provide insights into why voters voted the way they did? There is a large body of research that answers this in the affirmative. ![]() While political science has made advances in understanding voting intentions and rational choices in referendums, 1 most of the models have been based on either statistical models identifying common denominators for voting decisions or on description-heavy, 2 empirical analysis of individual referendums. Using economics to understand political phenomena Analysed through the prism of microeconomics, in particular the well-known concept of elastic and inelastic demand curves, it is suggested that “Brexit” was an inelastic political good, and that a change in the price did not affect the desire to “purchase” this good. This article advances the hypothesis that economic theory contributes to an understanding of the outcome. ![]() Why did a majority vote Leave? Why were the majority of the voters not susceptible to the economic arguments advanced by major economic institutions such as the Bank of England, OECD, IMF, HM Treasury and virtually all major investment banks? Why did (now former) Prime Minister David Cameron, who campaigned for Remain, lose the vote only a year after his party had won a surprise victory in the 2015 general election?
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