As we approach November and the upcoming election, Robert J. Shiller’s article, "Donald Trump and the Sense of Power," published on November 21, 2016, comes to mind. Shiller, a Nobel Laureate in Economics, delves into the paradox of why Trump’s strongest support in 2016 came from lower-income Americans, even though his policies favored tax cuts for the wealthy.
Shiller attributes this phenomenon not to economic logic but to powerful psychological and social dynamics. Many lower-income voters, he explains, are drawn to charismatic leaders like Trump, who provide a sense of identity, hope, and emotionally resonant narratives.
Trump’s anti-establishment rhetoric, his promise to "drain the swamp," and appeals to national pride fostered a deep connection with voters disillusioned with the political system.
Through his concept of "narrative economics," Shiller illustrates how stories—such as the promise to restore American greatness—can powerfully shape economic behavior and voting patterns.
For many, supporting policies like tax cuts for the wealthy may seem counterintuitive, but Shiller suggests it can reflect aspirational thinking and a cultural admiration for wealth accumulation. Some voters may envision that they, too, might benefit from such policies one day, driven by the hope of upward mobility.
This example shows how political identity and compelling narratives can sometimes override immediate economic self-interest in voter behavior.
Finally, as election day nears, it’s worth remembering that voting choices are often influenced not only by personal gain but by shared values, identity, and a belief in a leader’s vision. Shiller’s insights on the influence of storytelling and identity in politics feel as relevant now as ever.