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drethelin comments on Voting is like donating thousands of dollars to charity - Less Wrong
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The point is that the modified quote can be modified to talk about almost anything, so it's not actually a useful statement to make as to whether or not something is good or bad.
I think it's better treated as a statement about human psychology than about any particular system. If most people support the system they're embedded in for biased reasons, then their opinions about it are suspect and so's the appeal to popularity that comes with their aggregate; however, none of that means they're necessarily wrong.