The Death Of The Conventional Referendum: Lessons From Theoretical Biology

On Thursday, June 23, 51.9% of the over 33 million who voted opted for the UK to leave the EU. By June 27, the pound had fallen to a 31 year low against the dollar. On the same day, Ireland's foreign minister was forced to issue a plea asking UK nationals to "stop rushing for Irish passports", as post offices in Belfast ran out of application forms. Up to 7% of those who had voted to leave now regretted their decision, according to media reports. Regardless of the turnout, two commonly known economic principles ensure that referenda will always be inherently flawed policy instruments.