Prof. Dr. Rasto Ovin

About the speaker:

Prof. Rasto Ovin, PhD. is professor of economics. In his career he has been teaching macroeconomics and economic policy at University of Maribor as well as at some universities in the USA and Germany. After his PhD. In Belgrade (then Yugoslavia) he proceeded with his post-doctoral study in Germany (Marburg, Duesseldorf, Kiel). He has published over 650 works from fields like econometric analysis, productivity analysis, economics and economic policy of transition and university development. After holding positions of a Vice-Rector, Dean and Head of Institute at University of Maribor, since 2014 till 2023 he served as a Dean of DOBA Business School. Prof. Ovin has been member to several national bodies in the field of economic science, economic policy and university development. He is an established commentator on economic developments and economic policy in Slovenia’s mainstream media.

Topic: Should we be surprised about irrational voters' decisions on the political market – what technology development also means for the psychology of voters?

The rise of social media has significantly altered voters' psychology as it leads to profound changes in traditional liberal representative democracy, which caused the prevalence of Western social and economic model. As social media platforms have become central to political discourse, they have disrupted the mechanisms through which citizens engage with democratic processes, shifting the balance of power and altering democratic norms.

One of the key changes is the erosion of the traditional gatekeeping role played by the media and political institutions. Social media allows anyone to disseminate information and opinions, bypassing established channels. This democratization of information has empowered voters by providing direct access to a broader range of perspectives. However, it has also led to the spread of misinformation and disinformation, which can distort public perceptions and undermine informed decision-making .

The speed and immediacy of social media have also changed how voters engage with politics. The focus on real-time reactions and the prevalence of trending topics can lead to a more reactive and emotionally driven electorate. This shift can reduce the space for deliberation and thoughtful debate, which are essential components of a healthy representative democracy. Voters may form opinions based on incomplete or sensationalized information, which can influence electoral outcomes in ways that do not reflect deeply considered judgments .

Moreover, the personalized nature of social media algorithms contributes to the creation of echo chambers, where individuals are exposed mainly to viewpoints that reinforce their existing beliefs. This polarization undermines the consensus-building that is vital for liberal democracies, leading to a more fragmented and less cohesive electorate.

The present experience is that such structural changes on the political markets even in core democtaric societies attracted political business people and merchants, who use to sail using most questionable emotions.

The presentation will aim at posing questions what such change of voters' psychology may bring to the democracy and business environment.