Larry Kudlow had a great post about the boiling competition between Microsoft and Google -- and between Google and everyone else -- that speaks very highly of the American economy.

Google is the elephant in boardrooms all across America.

You can’t turn a single newspaper page these days without coming across yet another story about Google barreling headfirst into some new industry. As discussed here last Thursday, Google has its sights set upon many of the market’s major players, including Meg Whitman’s eBay. You’d have to be living in a cave not to know that Google’s ravenous appetite knows no bounds. The company shows no imminent signs of losing its grip on its ace-in-the-hole advertising model, and is moving full speed ahead, bursting through fences and into the backyards of established industries including book publishing, telecommunications and software. ...

Look at what Bill Gates had to say about Google in Sunday’s New York Times. "This is hyper-competition, make no mistake," Microsoft's chairman and Chief Software Architect said. "The magic moment will come when our search is demonstrably better than Google's." Looks like Google has ruffled Mr. Gates’ feathers doesn’t it? ...

As I’ve written here before, "our resilient free-market capitalist economy continues to be the envy of all our neighbors. We have the greatest workers and the greatest companies in the world. The formidable combination of low tax-rates on capital, deregulation, strong productivity, Schumpeterian “gales of creative destruction” spawned by bold entrepreneurs who continue to reshape our prosperity, along with record wealth creation and low unemployment, have all conspired to turn the U.S. into the single greatest economy in the world."

Despite predictions a decade ago about a perpetual Microsoft hegemony, it looks like our capitalist system has managed to give rise to some considerable competition, which is good for all of us.

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