This is akin to the argument Thomas Paine made in "Common Sense" http://bit.ly/168gJkB that fired up the colonists in early 1776. "We consent ourselves to be governed" and if we select one or more among us to carry out our business, those folks don't have rights that the rest of us don't.

However, even at the time, there were "elites" among the colonists who wouldn't have agreed. And so its been ever since. The rhetoric of a democratic republic used to sway and motivate regular folks in order to protect the power and interests of a few.