* This article is based on a paper delivered at the University of Linz on the occasion of the 2002 Kurt W. Rothschild Lecture. I would like to thank the members of the Department of Economics at Linz, including Professor Rothschild, as well as Anders Hayden and Hannah Nolan-Spohn, who provided research assistance, and the useful comments of three anonymous reviewers. There is now accumulating evidence that current and projected patterns of production and consumption are destroying the planetary ecology. This was the conclusion of a majority of the world’s scientific Nobel Laureates in 1993, when they issued the World Scientists’ Warning to Humanity. (Union of Concerned Scientists 1993) Since then, measure
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