3min snip

INSIGHT

Democracies as Information Aggregators

Democracies aggregate information about people's preferences through voting.
The 'median voter theorem' suggests that the median preference becomes policy.
This system allows people to choose between different policy options (e.g., high tax/high services vs. low tax/low services).
While not perfect, democratic information aggregation is seen as better than totalitarian systems.
Totalitarian leaders may implement unpopular policies due to lack of feedback, potentially leading to violent overthrows.

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