In his Friday New York Times column, Paul Krugman discussed the upcoming "Brexit" vote, in which the British will decide whether or not to remain in the European Union.
He argued that despite the fact that "the E.U. is deeply dysfunctional and shows few signs of reforming," he would vote to remain in it for the simple reason that "Brexit would make Britain poorer."
"It wouldn't necessarily lead to a trade war," Krugman wrote, "but it would definitely hurt British trade with the rest of Europe, reducing productivity and incomes." Moreover, he noted that the "free-market fantasy" of Brexit advocates simply won't come to pass:
[S]ome Brexit advocates claim that leaving the E.U. would free Britain to do wonderful things — to deregulate and unleash the magic of markets, leading to explosive growth. Sorry, but that’s just voodoo wrapped in a Union Jack; it’s the same free-market fantasy that has always and everywhere proved delusional...