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Exactly. And this idea that everyone should get a vote on every issues also assumes that people casting a vote are smart enough and will take the time to fully consider all possible nuances to 'vote' in the right way. Not to mention the fact that people are not all the same and/or stand to gain or lose in the same way. Someone in the neighborhood is quite different than Fred Wilson living in a $35m condo in NYC (and yes he does by the way..)

The election process along the same lines is certainly less than perfect. But is is way better than having referendums and letting people decide all issues by popular vote.