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I guess it confirms what we all knew all along: democracies elect their respresentatives irrationally. Voters most often (and inspite of having adequate information to make a rational choice), make choices emotionally rather than rationally. Especially when it comes to economic policies we tend to choose policies that are not in our best interests. The author cites many examples like say the voters' bias for employment as against productivity.
It struck me that India probably has more examples to prove this hypothesis than any other democracy in the world; even with an economist as the prime minister. Loan waivers for farmers, oil subsidies, inflation, the whole "Maharashtra for Maharashtrians" debate, nuclear energy deal -- all issues that the voters saw emotionally, rather than rationally.
An interesting read. A short article by the author here.