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Economic voting theory suggests that voters reward incumbents for strong economic performance and punish them for weak outcomes. However, this view often ignores the multidimensional nature of economic factors and their varied effects on different voter groups. This study explores how citizens evaluate four economic dimensions: growth, unemployment, the stock market, and inflation. We introduce a theoretical framework with four levels of economic reasoning: macroeconomic, egotropic, sociotropic, and distributive. Our analysis examines how these factors shape voting behavior and policy preferences. We first use descriptive data from OECD countries to understand the economy’s perceived dimensionality from the voter’s perspective. Next, we analyze survey data from national election studies to assess how growth, unemployment, and inflation influence economic evaluations and voting behavior. Finally, we present findings from survey experiments conducted in Germany, Sweden, and the United States. Our results reveal two main insights: (1) voters can discern interactions between economic dimensions and their effects on personal finances, the national economy, and distributional outcomes; (2) responses to these economic factors differ significantly across voter groups. These findings highlight the complexity of economic voting.
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