A U.S. manufacturing renaissance won't create many good jobs—just look at Germany, S. Korea, China and decades of data, Harvard economist says [Yahoo! Finance]
Intel Corporation (INTC)
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Source: Yahoo! Finance
President Joe Biden has touted his policies to encourage more U.S. production of chips and green-energy technologies. Earlier this month, his administration pledged up to $6.6 billion so that Taiwanese Semiconductor can expand its facilities in Arizona . And last month, the administration reached a $19.5 billion funding deal with chip giant Intel for four new U.S. plants. But data in the U.S. and other global manufacturing powerhouses show that employment is another matter, according to Dani Rodrik, a professor of international political economy at Harvard Kennedy School. In an op-ed published in Project Syndicate on Tuesday, the economist pointed out that labor productivity in U.S. manufacturing has surged by nearly six times since 1950, while the rest of the economy has seen productivity double. "The result has been a striking increase in the manufacturing sector's ability to produce goods, but also an equally dramatic decline in its capacity to generate jobs," he wrote, with
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