What is the role of experts in democracy?…Their views, supported by arguments and evidence, help individuals and their representatives to form judgments.
This is not how economists typically see their democratic role. They do not see themselves as participants in public deliberation, helping people to make their judgments. Instead, they think their role is to help ensure that the preferences of the people prevail. They do this by basing their valuations on market prices, which reflect people’s preferences.