It is a basic principle of economics that human beings choose things that benefit them. But last week, as the results of Britain’s referendum on membership in the European Union came in, it quickly became clear that this principle was being overturned. Not only had Britain as a whole voted for a course of action that would almost certainly make it collectively worse off, but individual regions had also voted against their apparent interests. …
From an economist’s perspective, this level of self-harm is sheer madness. But since the vote, certain cultural and psychological factors have come into view. Apart from the role of age in influencing voting behavior — with older voters more likely to choose Leave and younger voters to choose Remain — a darker shadow has fallen over the result due to fresh polling evidence. Put bluntly, many Leave voters suffer from a desperate lack of hope. CONT.
William Davies (U. of London), Washington Post