Louis Menand, who has written a book on pragmatism, writes in response to Caplan:
In the end, the group that loses these contests must abide by the outcome, must regard the wishes of the majority as legitimate. The only way it can be expected to do so is if it has been made to feel that it had a voice in the process, even if that voice is, in practical terms, symbolic. A great virtue of democratic polities is stability. The toleration of silly opinions is (to speak like an economist) a small price to pay for it.
There is much more at the link.
Addendum: Here is a good sentence from Menand: "People are less modern than the times in which they live, in other words, and the failure to comprehend this is what can make economists seem like happy bulldozers."