That George W. Bush has so far had difficulty persuading any prominent Wall Street Republican to replace John Snow as treasury secretary speaks volumes about the low priority his administration has accorded to economic decision-making.

Given the continued absence of credible economic leadership in Washington, it is unsurprising - but troubling - that both Republican and Democratic lawmakers have recently been tempted to fill the gap with populism. In that context, we welcome the launch yesterday by the Brookings Institution of a new platform - the Hamilton Project, named after America's first Treasury Secretary - to address America's looming economic challenges. Although composed mostly of Democrats, the group states a clear preference for market-based solutions to America's problems. It rejects the latent signs of protectionism recently visible on Capitol Hill. But it makes a strong case for the state to play a more constructive role both in improving the efficiency of America's market economy, but also in addressing the growing inequity of market outcomes.