Look at it this way. Is the Society of Engineers ever going to rate America's infrastructure a B+ or an A? No. They are too self interested to do so. A group of the world's supposedly smartest people, Harvard Faculty, will look after themselves first, naturally, because they will think that their self interest is most important.

It's actually an old idea, as far back as Athenian democracy, where they understood that those with power should be rotated out of office, forced to live under the laws they created, and that power should be distributed. In short, while Athenian democracy had problems, they also knew that the common man knows what's best for himself.