Why smart countries make stupid mistakes

This is a great column from economist Tyler Cowen - - closing paragraph:

"What is most disturbing is that the euro-zone nations are democratic, protective of basic liberties, and have advanced intellectual and research communities. The final lesson of this debacle is that smart nations with noble motives can make very big mistakes. And that should concern us all."

http://www.nytimes.com/2012/05/27/business/economy/in-the-euro-zone-a-lethal-vacuum-economic-view.html?_r=1&ref=business