For industries gagging on stiff regulatory costs, a decision last week by the Environmental Protection Agency was a breath of fresh air. Rather than fixing stern limits on the air pollutants discharged by each and every smokestack or other source in a plant, the EPA will permit state authorities to set a total on the gunk that the entire plant can discharge. This is called the "bubble concept" because environmental regulators will treat a plant as if it were contained in a bubble and all its pollutants emerged from a single hole in that bubble. By any name, the policy will...
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