The Brookings Institution published a study that the $52.7 billion CHIPS and Science Act of August 2022 directly and indirectly created between 42,465 and 54,385 jobs (more than many expected) and increased wages in 149 counties with semiconductor manufacturing facilities.
The study was co-authored by Bilge Erten, Joseph Stiglitz and Eric Verhoogen. Nobel laureate Stiglitz is a University Professor at Columbia University, where he is also an advisory board member with the Center for Political Economy. Verhoogen is a professor of Economics and International and Public Affairs and is co-leader of the Firms and Industrial Policy Idea Lab with the Center for Political Economy. Erten is an associate professor of international affairs at Northeastern University.
“Our findings suggest that industrial policies can deliver measurable employment benefits in targeted strategic sectors, even in the short run,” write the authors.
