Is this how you define "elite" regarding how it is used in politics?

The term elite is thrown around a lot in the last few years in politics. A friend of mine, who actually leans libertarian, defined what he means by elite: When I speak of elites, I’m referring to those people who likely have never produced anything of value, but who think they know better than the rest of us how to allocate the country’s resources for the common good.

I was wondering if that is how you use or think of the word? Please tell us if you consider yourself liberal, conservative, etc. Lately, I have been very interested in how everyone defines things differently, because I think it causes a lot miscommunication, and people feeling offended when maybe they shouldn’t.