A couple of lessons from the UK election

9th May 2015

It strikes me that, quite regardless of one’s political views, we might usefully note that:

  1. Revealed preferences – how people act NOT how they say they will act or indeed pretty much anything at all they say, is what counts. It’s econ 101 but we keep listening to words not looking at actions; and,
  2. The great importance of democracy (in all its imperfect forms) is that it brings us to our senses by delivering outcomes no pollster or media stream or even social media stream can. Back to point 1. Democracy has the best (not perfect) chance of delivering not deluding.

This is far from the first recent election where measuring what people say or thought they should say proved to be wasted and totally misleading effort.

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