Final answer:
Elected representatives are the advocates for greater democratic control over monetary policy, offering accountability to voters. However, an independent central bank can make swift, nonpartisan decisions, reducing the risk of inflation due to political misuse of the money supply.
Step-by-step explanation:
In the context of monetary policy, the advocates for greater democratic control are elected representatives. The argument for greater democratic involvement is based on the accountability of officials to voters, contrasting with the actions of central banks, which are often led by bankers and economists, not directly suitable representatives of small businesses, farmers, or labor unions. That said, there is also a strong case for maintaining an independent central bank, as it allows for nonpartisan, rapid decisions that are insulated from day-to-day politics. An independent central bank can avoid the temptation for lawmakers to misuse the money supply for projects, which could result in inflation. Hence, while there is a case for both sides, overall, elected representatives are seen as the group advocating for greater democratic control over monetary policy.