for example the many historical cases in which passengers on a crowded shallow-draught vessel have rushed to one side of the boat, each individual person making a perfectly rational self-interested attempt to get a better view of an interesting sight, or to escape some real or imagined peril...  whereupon the combined weight of the people massing on one side of centreline caused the vessel to capsize, killing all or nearly all of the passengers and crew.  still happens periodically in lower tech maritime areas.

smart for one, dumb (and lethal) for all.

consider the biosphere as a ferry, the Western Industrial Way of Life as an entrancing pier and amusement park off the starboard side, and watch enough passengers trample and bite and swarm their way to stbd for a place at the rail or a chance to be first ashore...

The difference between theory and practise in practise ...

Oh, I know.  I'm was speaking to the issue as it relates to business cycles, post-Lucas.

But you're, of course, right that the basic premise has been around much longer.  Just taking the environment, they've been wrong for as long as they've existed.

Conservatives want live babies so they can raise them to be dead soldiers. - George Carlin