Do We Expect Too Much From Elections?

Some interesting thoughts on the approaching election:

Democracy does not lead to particularly good choices. Most successful institutions in society are not democratic.
An example of an institution that I believe works well is a sports tournament. A good chess tournament or tennis tournament produces a winner who is far better than mediocre.
Another example of an institution that works well is the scientific method. I trust the results of well-designed experiments much more than I trust popular opinion.
Many institutions give concentrated decision-making power to experts. Examples include business decisions made by corporations or tenure decisions made by academic departments. Many government agencies are built to work on this model, but in the absence of the competitive discipline that exists in the private sector, the results are mixed. My personal impression is that some agencies, such as the Federal Reserve, have an abundance of expertise, while other agencies, such as the CIA, appear somewhat deficient.