This is one of the best arguments in the (growing) monarchism movement (I'm not a part of it, but I think it's interesting). A ruler whose children will inherit the sins of the father will think longer term than their own lifetime (or just an election cycle). Of course, as history shows rulers degenerate anyways over time, but the diffusion of responsibility and short-term thinking our worship of representative democracy enables is arguably worse.
It really isnt. At best its an argument for a classical liberal dictator who's "our guy." The fact that every right side westerner thinks they're sitting there objectively weighing the merits of different political systems ipso facto guarantees some liberal will rule.