More than a theory of economics, it is a cognitive phenomenon. Humans have
trouble with small numbers. One millionth of this subway gets rounded down to
zero. (This is one of the reasons gambling has allure.)
'Cognitive rounding' applies also to shared responsibility. This financial
crisis has no single culprit because we all reacted to a situation, and by
our reactions made it worse.
Kevin Kelly suggests we'll just go past ownership as an incentive. Is the free
movement realistic in this expectation? I think it under-estimates human nature.