Narayana Kocherlakota, Columnist

Brexit Demonstrates the Power of the Old

Aging populations require a different approach to managing economies.

July 6, 2016 at 11:00 AM UTC

Narayana Kocherlakota is a Bloomberg Opinion columnist. He is a professor of economics at the University of Rochester and was president of the Federal Reserve Bank of Minneapolis from 2009 to 2015.

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Britain's vote to leave the European Union should serve as an important reminder for the leaders of all democracies with aging populations: Pay more attention to what older folks think, and learn how to communicate with them.

Of all age groups, people 65 and over voted most overwhelmingly in favor of Brexit. This demonstrates that seniors have a unique set of interests and understanding of economic trade-offs -- all of which policy makers ignore at their peril.