Irrationality in Markets vs Democracy
Markets behave differently than democracy; shopping is not like voting. In the marketplace, when a consumer has an irrational opinion, they bear the full price. When a voter is irrational, the public picks up most of the bill.
People often doubt the link between increased unemployment and higher minimum wages. However, when it comes to jobs they are actually applying for, they know they demanding too high a salary requirements will hurt their chances.
Voters do not buy policies.