First, conventional wisdom floats “secular stagnation” and the “end of growth” as the policy failure excuse du jour. Quite the “conundrum”. Now to add insult to injury, Peggy Noonan informs us that we have entered the age of the end of the “genius cluster“. The revolt against the establishment is such a buzz kill.
Peggy should think about the economic environment that provides the fertile ground upon which genius blooms. It is certainly not the Obama-Buffett-TBTF-Republocrat-MIC crony capitalism where the wealthy, powerful, and connected divvy up what remains of our once vibrant economic system. Nor an EU super state of supranational, unelected bureaucrats accountable to no one–other than an allowed occasional vote of the plebs that they consider a mulligan, to be ignored and redone if the desired outcome is not achieved.
Genius is like capital. It flows to where it receives the highest return. There is certainly no cluster of genius flowing to elite thought.