According to John Locke's social contract theory, the power should ultimately reside with the people. Locke believed that individuals have natural rights, including life, liberty, and property, and that these rights are best protected through a social contract where the people consent to give up some of their power to a government in order to secure their rights. However, this government should be limited and accountable, and its purpose should be to protect the rights and interests of the people. In this framework, the legislature and the president (if relevant) are part of the government and derive their authority from the people. So, while the government may have certain powers, the ultimate power rests with the people.
