The Brexiteers promised their supporters wonderful things, almost none of which can ever come true. The billions that London transfers to Brussels will most certainly not land in the budget of the country's National Health Service. Brexit is going to be very bitter for many of its supporters.
Nicholas BloomElections themselves do not necessarily lead to more corporate uncertainty - quite the reverse, stable democracies create a reliable environment. And elections have caused hardly any change in the basic economic framework in the last few decades.
Nicholas BloomThe Brexiteers promised their supporters wonderful things, almost none of which can ever come true. The billions that London transfers to Brussels will most certainly not land in the budget of the country's National Health Service. Brexit is going to be very bitter for many of its supporters.
Nicholas BloomPolitical stability was at most a factor in assessing developing countries or Russia. It is now also an issue in Western democracies.
Nicholas BloomMany people who have lost out in the last few decades voted for Trump. Trump will have a difficult time turning them into winners. The jobs of these people are not at risk because of Chinese or Mexican workers, but because of robots and computers. And new trade barriers and higher tariffs are not going to change that.
Nicholas Bloom