Source: Ludwig von Mises Institute
by Mihai Macovei
“Europe became prosperous through a burst of innovation and capital accumulation during the eighteenth-century industrial revolution that allowed individual freedom to replace feudalistic rents and privileges. A new industrial revolution based on digitalization, advanced artificial intelligence (AI) and automation is in the making, but the reputed analyst Wolfgang Münchau claims that Europe is about to miss it. In his view, Europe has forgotten how to innovate, because it may still have the aptitude, but it has lost the right attitude to foster creative destruction. Münchau and other analysts put down this failure on European government’s inability to pick winners like China or capitalize on military investment like the US, in order to promote cutting-edge technologies and research. In our view this is wrong – Europe does not need more and better targeted government intervention, but considerably less.” (12/05/25)
https://mises.org/mises-wire/europes-innovation-drowned-sea-government-intervention