"The more things change, the more they stay the same" is the best way to describe the lack of original thinking that is prevalent in politics. Take the recent resurgence of calls from politicians on both sides of the aisle to implement industrial policy. These calls are motivated to address the (mythical) decline in American manufacturing — and because other countries are doing it. These policies are tired, utterly uninspiring schemes that governments around the world have tried and, invariably, failed at. The latest example is a proposal by Sen. Gary Peters, D-Mich., to create a new federal agency called...