In 2016, I was one of the fools who thought people wouldn’t vote for Donald Trump. As I explained to readers before the Republican primaries, “The electorate generally just wants a leader who appears sane, which is why Republicans almost certainly won’t nominate Trump.” I was taking my lead from so-called experts. “If you want to know the future,” I wrote in May that year, “the best forecasters are betting markets?.?.?.?The Oddschecker website, which compares odds offered by different bookmakers, indicates a chance of just over one in four that Brits will opt for Brexit. The chances of Trump becoming American president or Marine Le Pen French president are judged a tad smaller.”

This time, I won’t be making election forecasts.

When you are wrong, you need to ask why — especially when you face a similar situation again. Perhaps I’m an out-of-touch elitist who doesn’t understand the suffering of ordinary people, but I’ve come to a different conclusion. In 2016, I still mistakenly believed that most voters were economically motivated, self-interested rationalists. The “rational actor” turns out to be a rare beast.