DEMOCRACY is under the microscope. Among other things it is accused of being unable to deliver long-term reforms in areas such as pensions and welfare benefits, where the interests of current voters are pitted against those of future voters. If the need to keep voters sweet is distorting decision-making, it stands to reason that this flaw should show up most during an election year. Various strands of research do indeed suggest that political, economic and judicial processes are affected by the prospect of polling day. What is the impact of elections on policymaking?
