After completing my older post on the topic – in which I argued that the case is very weak – I found this quote by Bill Easterly which I thought would illustrate my point:
Democracy doesn’t attract as much love as it deserves in aid and development circles. Many wonder if benevolent autocrats might be better for development than messy elections, even though there is no evidence to support benevolent autocracy. There is a strong positive association between democracy and LEVEL of per capita income, which at least some authors argue is causal. (It’s true there is no robust association between democracy and GROWTH of income, but then there is no robust association between GROWTH and ANYTHING.) But even if there had been SOME material payoff to autocracy, why don’t we care more about democracy as a good thing in itself? (source)
My argument for democracy is usually instrumental (see here) and prosperity is one of the values that can and should be promoted by instrumental democracy. But I’ve also written about democracy as a good thing in itself. Go here if you care about that sort of argument.