Bush's Europe Trip

Larry Kudlow posts a complimentary report of the President's European trip and speech in Brussels.

He compliments the Sharanskyesque focus on Democracy, the nod to the Slovakian flat tax -- all worthy of high marks.

He then closes with W's view on climate change, praising his Schumpeterian approach over the European regulatory method.

Then Bush shows his hand on global climate change. But it is not the Kyoto version, which would punish economic growth and drive up unemployment. Instead, the President relies on “Emerging technologies, such as hydrogen-powered vehicles, electricity from renewable energy sources, clean coal technology, will encourage economic growth that is environmentally responsible.”

Now here comes a clear reference to the eminent economist Joseph Schumpeter, who created a model of economic growth that puts the entrepreneur at the center in search of technological advances and applications that launch new long cycles of economic growth. Bush says, “All of us can use the power of human ingenuity to improve the environment for generations to come.”

He then adds, “By researching, by developing, by promoting new technologies across the world, all nations, including the developing countries, can advance economically while slowing the growth in global greenhouse gases and avoid pollutants that undermine public health.” Implicit here is the Schumpeterian concept of invention and innovation through technology to foster growth and better serve humankind. The power of human ingenuity is itself a powerful idea. It takes a free market economy with appropriate tax incentives and open trade to set the framework necessary for non-polluting prosperity. Bush also implicitly suggests the use of nuclear power.

The President ends with the grand vision thoughts of the “principles of democracy, individual liberty, and the rule of law.” This was a good speech, full of big thoughts. It is characteristic of this president. Cynical intellectuals and media pundits scoff at Bush. But once again the Texan reveals himself to be a man of ideas. Very good ideas, at that.

Second Bush Administration Posted by jk at February 25, 2005 7:10 PM