The winner of this year's Nobel Prize in economics once called for a second Brexit referendum

Richard Thaler is the winner of the Economic Nobel Prize this year. He once wanted the British government to hold a second referendum on leaving the EU, saying that the voters were not properly informed of what the consequences would be leaving. Thaler argued in his article — which was written more than six months before the UK triggered Article 50 in March this year — that the vote, which saw Leave beat Remain by 52-48, should not have been treated as a "mandate to hastily invoke Article 50". Later Thaler wrote "Making the rules so vague has had unintended consequences. First, it allowed proponents of Brexit to offer voters the apparently unrealistic hope that the UK could negotiate an associate status similar to that of Norway, but with some modifications of the rules on free movement of people,"

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Source
http://www.businessinsider.com/richard-thaler-nobel-prize-brexit-second-referendum-2017-10

Comments

  1. Tyler ElwoodOctober 13, 2017 at 11:02 AM

    I am happy that someone in the field of economics was able to win this most prestigious award. This is a first and I am excited to see where we go from there and what new revelations we could see.

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  2. UnknownOctober 22, 2017 at 6:46 PM

    Since the economic profession rarely runs into a situation where they enjoy trade difficulties, it isn't surprising that Thaler was against article 50. However, even with the professional bias, it does appear that the vote happened so quickly that the voters could have been ill-informed about some of the consequences of the decision.

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  3. UnknownOctober 25, 2017 at 11:33 PM

    Interesting that the person, winning the economic Nobel Prize is skeptic about the BREXIT. Does he ever give a statement whether he is in favor or totally against the BREXIT, just from his own perspective. But his opinion is widely shared among European countries.
    [I remember all the statistics (more memes as real statistics) showing, when people in the UK googled for "impacts of leaving the EU", and the highest percentage googled after voting.]

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  4. Mary SpaethDecember 22, 2017 at 2:21 PM

    The majority of those who voted for BREXIT regret their decision. Many politicians and voters had not taken the time or care to consider broader implications of the exit. The time and cost spent on the negotiations and discussions alone could have been better spent. (Do remember that The Economics Prize from the Swedish Riksbank in the name of Alfred Nobel started in 1969 and is not one of the Noble prizes that were created by Alfred Nobel in his will 100 years ago).

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