Jim Powell of the Cato Institute gives his view on why Romney lost the election:
Romney lost for several reasons. The bulk of his primary advertising seems to have been spent attacking opponents, rather than defining himself, with the consequence that by the time the primaries were over, his reputation was a blank slate as far as the general public was concerned — an irresistible target for Obama’s early advertising blitz that defined him as an out-of-touch rich guy who destroyed American jobs. Romney was on the defensive from the get-go……