–“Q: How should we organise aristocracy today? Elective rather than hereditary?”–
Meritocratically Rotating Hereditary. Of the families that will achieve it most will fall out of it, either due to exhaustion, competition, economic failure or corruption. Public service is ‘costly’.
The fundamental problem is that only hereditaries maintain long term time preferences and capitalization where all politicians practice the tragedy of the commons. And democracy is the slow road to communism precisely because it’s an organized method of exploiting the tragedy of the commons.