Americans have a habit of framing our scientific history as a series of Great Inventors, from Eli Whitney to Thomas Edison to Afrika Bambaataa. The history books say each was prodded by Adam Smith’s invisible hand to come up with the great technological advances that have made our country a home of innovation.

There’s a problem with this mythology: sometimes there’s no invisible hand. Sometimes short-sighted government regulations give preference to bad technologies over good ones — stifling innovation and blinding us to our own ability to make progress.

Nowhere is this mythology more evident than in our energy system, the most heavily regulated and subsidized industry in the country. A host of bad regulations have made this system grossly inefficient, contributing both to global warming and to high power costs.

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