Yes, but the tricky part here is that "those in power" is far more than just those in government. As this very thread topic itself demonstrates, there are plenty of people and organizations that are not the government that have a large amount of power.

In a democracy, we have a way to limit the power of our government -- but what's the way to do that for those in power who are not in government? The traditional approach has been to use government power to check non-government power, but this seems to run counter to the whole "limiting the power we give to those in power." But if we don't use government power to check outsize private power, then we are again ceding too much power.

My own view is that the answer is less about how much power we grant than about how much accountability there is -- ie, broader and deeper democracy. But that seems to work mostly in theory; in practice this often gets circumvented by those with power and we get shallow democracy with limited accountability and thus unsatisfactory restrictions on both governmental and non-governmental power.