How an economist votes

Seasoned journalist Akif Beki argued on May 8 that ?objectivity and impartiality are an old media deception,? urging newspapers and columnists to openly declare the political party they are supporting.

It is tough to argue with a former adviser of President Recep Tayyip Erdo?an, who is a regular fixture, along with other ?embedded journalists,? on The Gentleman?s plane. Therefore, I decided to announce that I will be voting for the main opposition Republican People?s Party (CHP) in the upcoming general elections on June 7.

While my political views are close to those of the CHP, I also admire the policies of the Peoples? Democratic Party (HDP). For example, their decision to nominate openly gay activist Bar?? Sulu, while not a step as major as Ireland?s historic gay marriage vote, is still miles ahead of other parties.

However, I made my decision based on economics, not politics. The HDP?s promise to block Erdo?an?s Super-Presidency is not credible according to the idea of ?time inconsistency,? which brought economists Finn Kydland and Edward Prescott the Nobel Prize. After the elections, their best interest would be to receive concessions in exchange for support for the new constitution.

In terms of pure economic policies, the CHP has made great strides. In previous elections, I was afraid to vote for them, as they sounded to be against foreign direct investment and free market economy. The new CHP is pro-FDI, as evidenced by their ?Center Turkey? project. In fact, they could reverse the recent exodus of domestic and foreign investors.

That doesn?t mean that I agree with all of their economic policies. I certainly don?t. For example, I do not see higher minimum wages as a panacea for Turkish workers? woes. On the contrary,...