UK General Elections: Counting the Losers

UK General Elections are over. It is hard to say who has won. The Party with most seats in Parliament is looking very much the loser, and the Party which came second, now three elections in a row, is arranging Victory Parties. The Prime Minister, who is likely to continue, seems to have lost; the Opposition Leader, who would not perhaps get to try to form the Government, seems to have won. It is equally intriguing to figure out who really have lost last night. Indeed, the mood, in a particular section of the population, is all doom and gloom: They are going on TV and proclaiming that the country has lost in a whole. They are looking at the hung parliament and claiming that it is a bad thing, because markets don't like uncertainty. That is obviously nonsense: Markets exist because they are the most efficient mechanism to price uncertainties, and if everything was certain, we wouldn't need markets at all. And, indeed, if they are trying to tell us that we should ha...