The Visible Hand

I am playing with an idea which I call 'the visible hand' in homage to Adam Smith. If I remember correctly, Smith argued that in certain situations the activities of individuals, all working in their own interests, can produce a society that works for everyone: the greed and striving of individual merchants can produce general prosperity.

I am thinking of situations where this does not work. For example, what the countries of Europe are trying to do now is cut costs internally, through cutting...