Word: growths
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Dates: during 1970-1979
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Nobody is apt to look back on the 1970s as the good old days. The economy's most disruptive decade since the Great Depression has borne the stagflation contradiction of no growth amid rampaging inflation, the can't do trauma of receding productivity in the nation that was long the world's cornucopia, the reality of an energy shortage in the land of supposedly boundless resources, and the debauch of a dollar that once was "as good as gold...
...policies have promoted immediate consumption instead of investment for the future. Their fundamental warning: America has been living off, and eating into, its capital stock. Many of its factories and machines have become outmoded; its old industrial cities have become rundown; its work force has become less productive; real growth has swung low while demand has remained high. The nation is, in short, losing its economic edge in the world, and the hour is late?very late...
...price that every American pays for these failures is a decade-long inflation that is the most pernicious price spiral since the Korean War, and certainly the most alarming one in the nation's history. Because competitiveness and efficiency have declined, and productivity growth, that most basic yardstick for measuring a nation's economic vitality, has slowed, the real cost of producing goods has jumped. Meanwhile, to keep demand up, the Government has created money and credit at far faster rates than businessmen can turn out products and services. The result: too much money chasing too few goods, which...
...conservation chapter, written by Yergin, is more persuasive though somewhat extravagant. He argues that with only minor adjustments in life-style and no decline in economic growth, Americans could consume 30% to 40% less energy than they do today. In the book's best passages, Yergin cites illustrations ranging from Dow Chemical's 40% reduction in energy use to Colgate-Palmolive's 18% cutback to show that many companies have continued to expand while saving energy. The examples are impressive. Nonetheless, there is a critical point at which sizable reductions in energy could provoke a tailspin...
...fibrin gel around them. One substance encourages nearby blood vessels to leak plasma; another turns fibrinogen, a plasma constitutent, into fibrin; the third diverts immune cells away from the growing shield. Dvorak speculates that the tumor's chemical weaponry is so sophisticated that the fibrin itself encourages growth of blood vessels in the vicinity of the tumor, providing the malignant cells with a nourishing blood supply. As it enlarges, the tumor appears to secrete a fourth chemical that dissolves the shell from the inside yet does not break its outer layer...