The point was that instead of focusing on maximizing utility across the whole economy, economists should have considered policies, that while not globally optimal, preserved the consent of the governed.
The recent wave of populism, Brexit, Trump, etc., can be interpreted as a revocation of that consent. The implication is that now populists might impose much worse economic policy than a moderate consent-preserving policy beforehand.
The recent wave of populism, Brexit, Trump, etc., can be interpreted as a revocation of that consent. The implication is that now populists might impose much worse economic policy than a moderate consent-preserving policy beforehand.