ABSTRACT
There is no dearth these days of threats to American democracy perceived by reputable observers. Even former President Barack Obama weighed in, soberly telling The Atlantic, “America is the first real experiment in building a large, multiethnic, multicultural democracy. If personal safety can be seen as an essential protection provided by democracy, booming gun sales in 2020 constituted a resounding vote of no-confidence. For the sake of America’s democracy, and for the nation’s future, the news media must take the lead, simply must rise to this challenge. Both Madison and Hamilton made the distinction: a democracy, as in ancient Greece, is governed directly by the decisions and votes of the governed, while a republic is governed by elected representatives of the populace. Professor Friedman is hardly alone in linking the performance of democracy with wage growth.
