Dani Rodrik on the CHIPS Act

A skeptic might object that Biden’s policies have not fully borne fruit and are not yet captured in official statistics.  But the fact is that hugely capital-intensive semiconductor plants generate few jobs, relative to the physical investment they require.  TSMC’s three fab investments in Arizona are expected to employ a mere 6,000 workers – which works out to more than $10 million per job.  Even if the projected tens of thousands of additional jobs in supplier industries materialize, that is a paltry return for employment.

~ Dani Rodrik, "America's manufacturing renaissance will create few good jobs," Project Syndicate, April 22, 2024

TSMC fab under construction in North Phoenix