So, Britain has voted to leave the European Union. Judging from the steep plunge in just about every major index, it is safe to say that investors did not really expect this result.   Why Brexit, are Brits dumb? I have heard many non-British individuals comment that Brexit was a short-sighted decision by Brits. In fact, many were far harsher in their assessment of the Brits' intellect. Their arguments revolve mostly around the economic loss for Britain upon Brexit. As an Economics graduate, I think a little differently about the situation. Yes, macro-economically, Britain suffers from Brexit. However, micro-economically, this might not always be the case. As with all trade, there are countries with comparative advantages in different areas. British industries with a competitive disadvantage to their European neighbours naturally suffers in the EU. Furthermore, being in the EU limits British responses to industry-specific economic woes. For example, their ......