See, you answer your own dilemma. People all over are not only stupid but selfish. And, hard as that may be for some people to accept, that ALSO includes people in a position to rule. (Well those tend to be more selfish than stupid, but they can be pretty incompetent sometimes.) So, while putting the power in the hands of the unwashed masses sounds like a bad idea, the principle is actually one of breaking monopoly. The more you spread decision-making around, the less likely it is that power will be monopolized by those who will use it badly. And, make no mistakes - give absolute power to anyone, no matter how “enlightened” they seem, and you’ll be sorry a couple years down the road. Well, unless you’re happy to accept living in whatever conditions they put you in and swallowing whatever drivel the government-sponsored media (a common fixture in absolutist regimes) feeds you, which unfortunately would make you like a large portion of the population.
In other words, as Winston Churchill said (not sure on exact wording), “Democracy is the worst system of government in the world, save for all others.” Yes, people do stupid things and sometimes vote stupidly. But the alternative is far worse.