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It’s impossible

The election won’t live up to such expectations for the simple reason that the politicians – aided by the media – have set the bar too high. Investors know better than most that reality rarely matches overhyped expectations. What applies to company bosses seeking shareholders in a flotation equally applies to politicians in search of votes.

Besides which, political hyperbole takes no account of what is labelled ‘Arrow’s impossibility theorem’, so named after a Nobel Prize-winning economist, Kenneth Arrow. Essentially, the impossibility theorem is a mathematical contrivance that shows that voters cannot arrive at a choice that would satisfy a majority even when as few as three choices are available. When the choices exceed three, the chances of majority acceptance become even more remote.

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