Politicians in both parties seem to believe that the U.S. faces looming catastrophes that require a radical rethinking of economic policy. They’re wrong. The nation certainly has serious challenges, but the foundations of the economy are healthy. Radicalism is not required.

The populist right and progressive left seem to agree that the dominant consensus in economic policy of recent decades — a central role for markets, friendliness toward globalization and free trade, and wariness of over-regulation — has been bad for Americans. This bipartisan consensus is predicated on the false view that the past several decades have been bad for typical workers and households.

The most recent example is President Joe Biden’s wide-ranging executive order to bolster market competition. It contains 72 initiatives, some of which conservative populists will applaud. For…

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