Economics and Global Change: The Bathub Analogy

I posted this to the globalchange list some time ago, but now that I have the attention of a couple of market conservatives, let me post it here. Apologies to those for whom it is a rerun. Note that the apparently rational strategy actually guarantees an eventual flood.

Imagine that you are an economist who enjoys playing Tetris on your computer, so while your bathtub is filling you decide to play a round in the TV room upstairs. [more]