That was, in an antiquated sense, the premise behind the US being born a republic. Not macroeconomics in particular, but insofar as it is a compromise between t

That was, in an antiquated sense, the premise behind the US being born a republic. Not macroeconomics in particular, but insofar as it is a compromise between technocracy and majority rule and self determination. Philosophers and political theorist have been struggling with this since before Plato's Republic. Its a very very real question, though the consensus that democracy is the best thing we've got has been building for centuries.