More Words, Deeper Hole

These things take place even if every person acts rationally, under the definition of rationality as "making choices to maximize things they want."

In the 1930s, the ideas were new. But over and over again, across the social sciences, scientists have found examples where individual rationality screws over everyone collectively. Rand excommunicated anyone who dared suggests that this was the case.

This is setting aside human biological economic irrationality, which is its own fascinating topic (and gets me close to some non-disclosure agreements, so I have to stop).