Don’t agree with it but the theory is that it’s superior to democracy because at least a king has lower time preference.
It comes from Hyack’s theories that essential state: Anarchy > Monarchy > Democracy
Discussion
Oh I think we can agree that Democracy is the worst. But I still believe Monarchy is terrible.
Meritocracy and free markets is the best imo. But I am an idealist. Probably never happen in my life time if ever.