In 1850, French economist Frédéric Bastiat published an essay that is misunderstood, or more often, unread, titled, "That Which is Seen, and That Which is Not Seen." Bastiat brilliantly introduced the idea of opportunity cost and, through the parable of the broken window, illustrated the destructive effects of unintended consequences. Unfortunately, because of misplaced belief in government benevolence, even the most powerful and successful members of the American citizenry often miss the point. According to Reuters, Ramin Arani, a co-portfolio manager of the $25 billion Fidelity Puritan...