The Lords, in contrast, should represent vocational democracy. There should be people elected from each sector, whether that be electrical or academic, medical or administrative. Doctors should vote for a peer, as should nurses and cleaners. It would give an incentive to the organisation of carers, builders and gardeners, who would each select a representative from within their organisation.
The biggest point about a market economy is that, over time, it’s the best way of managing sectoral change. At one point coal mining was absolutely essential to this sceptered isle. Today it’s of no importance at all. That it was government owned is a major reason the rundown of it was so difficult.
Now imagine that coal miners got to elect, as a constituency, members of the legislature. That change is going to be even more difficult, isn’t it?
That is, vocational democracy sets in stone the current distribution of vocations. When entirely the point of economic management is to ease changes in that distribution as desires and technology change.