"Panties" by Tom Bombadil (stbush@iglou.com). The title refers to the fact that various people (the ones who are not constantly naked) often have to change their panties, because they have become severely moistened through sexual stimulation, usually resulting from observation of ambient nudity and concomitant fantasies but sometimes from more direct involvement in the action.
The protagonist takes a job as a sort of governess for a rich family. Her main responsibilities are to look after the children and occasionally to administer discipline. In America, such people are known as teachers.
The author says he tried to write a deirdresque story. In a way, he has come up short, because Deirdre would never write a story this long. That is, there tends to be an inverse relationship between deirdreness and story length. Other than that, the story does a good job of expressing the logical irrationality of a Deirdre-style story.