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During the past two decades, extensive research efforts have focused on the conventional wisdom that the economy has a direct influence on a party's destiny. This hypothesis rests on the implicit assumption that the linkages between macroeconomic variables such as inflation and unemployment and party support are direct and unmediated. As the present study indicates, however, objective economic measures only serve as a proxy for the invisible force that drives voters' party support. Once the relevant variables, namely, the perceptual factors of the electorate, are controlled for, variables that describe the state of the objective economy fail to exert their "magic" on political behavior.