This is not a new idea, it's why almost nobody took Democracy seriously before the U.S. I like Jefferson's answer to this problem:
"if we think [the people] not enlightened enough to exercise their control with a wholesome discretion, the remedy is not to take it from them, but to inform their discretion by education." --Thomas Jefferson
Democracy is really the only reason that we have universal education in the first place. If the elite are forced to allow the people to make decisions, then they're going to make sure the people are educated enough not to do anything too dumb.
Indeed, the whole theory falls down on this point. In areas where people are generally competent, they can judge to skill of others and can select the best leaders.
"if we think [the people] not enlightened enough to exercise their control with a wholesome discretion, the remedy is not to take it from them, but to inform their discretion by education." --Thomas Jefferson
Democracy is really the only reason that we have universal education in the first place. If the elite are forced to allow the people to make decisions, then they're going to make sure the people are educated enough not to do anything too dumb.