That's Robert H. Frank's charge:
It’s just not true that individual interests are always in harmony with group interests, which is the presumption that modern disciples of Adam Smith start from: that if there’s competition, each individual — greedy though he may be — can go out and ruthlessly pursue his own interests and we’ll end up with the best outcome for society as a whole. It sometimes does turn out that way, but Darwin saw clearly that oftentimes you could have perfect competition and still you would get results that would be very different from what the group wanted.
He offers as an example the exorbitant amount of funds the financial industry spends on computer modeling systems: "You’re spending a lot of money for something that’s not really worth anything — getting the price 10 seconds earlier isn’t worth anything to society, but it's worth a lot to the guy who gets the right price 10 seconds earlier."
The Dish 