Is democracy a flawed concept?

When most people talk about a democracy, they are referring to a form of government in which the supreme power is vested in the people and exercised directly by them or by their elected agents. This happens through a system involving multiparty elections, after which a representative government is formed.

To this extent, the idea of a democracy works. However once we've elected our representative government, we then make the massive assumption that because they are representing our views (and of course we the people know best) that all our problems will be sorted out. The economy will grow, we'll have full employment, everyone's standard of living will increase and of course they will right all the wrongs of the previous government. Well how could that not be true? We elected them and surely we the people know best?

Well strangely enough it never goes as planned. And after a term or two in power, we get fed up with the government we elected, throw them out and elect a new one - usually the opposition party who we threw out for being incompetent in a previous election. But they have now promised us that they have learnt from their previous mistakes and rebranded themselves "New Labouratives" or "Republicrats". We of course believe them and vote them back in. One or two terms later, we throw them out again for being incompetent.