Word: eco
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Dates: during 1970-1979
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This search for a reasonable balance is not new. Ever since the days of F.D.R., critics have argued that the regulators are a too independent, too powerful and too free-spending fourth arm of Government. "The agencies today," says a leading eco nomic policymaker in the Carter Administration, "are inde pendent baronies. They're like castles on the Rhine in the Middle Ages, when each castle stopped boats and collected a toll. Each agency collects its toll...
Says Alan Greenspan, who was chairman of President Ford's Council of Eco nomic Advisers: "There seems to be some belief that you can exorcise this state of business mind by mass psychotherapy. But you can't because the attitudes are not irrational. When you are uncertain about the environment for investment, then you will not commit your money, just as someone will not run in the middle of the street blindfolded." Otto Eckstein, head of Data Resources Inc., a Boston-based, computerized economic-forecasting firm, thinks that executives' caution should not even be described as "lack...
...more advanced systems is a CEA process for converting garbage into a fine brown powder called Eco-Fuel II. Metals and other heavy materials are mechanically culled from the garbage (just about anything that is thrown away) before the remaining material, mostly cellulose, is treated with chemicals, then pulverized. That technique permits the fuel to be stored without decomposing. The powder can be burned more efficiently than raw garbage and can be used with oil, coal or natural gas. For example, a CEA plant in East Bridgewater. Mass., converts 1,200 tons of garbage a day into Eco-Fuel...
...Eco-Fuel II will sell for about the same price as coal or natural gas, which is well below the going rate for imported oil. Says CEA President Robert Beningson: "The market for resource recovery is almost limitless." Beningson, a man who thinks big, estimates that if all the garbage in the country were converted to powdered fuel, it would add the equivalent of 2 million bbl. a day to the nation's oil supplies, or about the same amount as the oil that will flow through the Alaska pipeline at peak capacity...
...development rushes on unchecked. One of the few academics who have rallied to the pro-growth side of the debate so far has been Britain's Wilfred Beckerman, a witty, long-haired Oxford economist who has emerged as a kind of St. George against those he calls "the eco-doomsters...