The headlines were abuzz last month following Energy Secretary Steven Chu’s talk at the National Press Club where he dubbed the global race for clean energy our new “Sputnik Moment” and warned that the U.S. risked falling behind other countries. In this imaginary race, our competition is no longer the Soviet Union, but China, which now leads in the manufacture of wind turbines and solar panels.
The Sputnik analogy is inappropriately applied for obvious reasons. The U.S. space program of the mid-twentieth century was an outgrowth of our military at a time when the United States and Soviet Russia were researching long-range ballistic missiles. The program was a high-cost, high-risk venture that never achieved economies of scale, nor was it intended to. There’s no question the race advanced us technologically and the productization of its research benefited generations of Americans.…