~ Dani Rodrik, "America's manufacturing renaissance will create few good jobs," Project Syndicate, April 22, 2024
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| TSMC fab under construction in North Phoenix |
"The social system of private property and limited government is the only system that tends to debarbarize all those who have the innate capacity to acquire personal culture." ~Ludwig von Mises
Apr 28, 2025
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.
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