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Europe, Immigration, and Taiwan
"Econ 102" with Noah Smith and Erik Torenberg
Mastering One Craft: The Price of Specialization
Taiwan excels in semiconductor manufacturing, particularly with TSMC, which is recognized as the world's leading chip maker. However, the broader supply chain dynamics reveal that critical components and equipment come from other countries, primarily the Netherlands for equipment and Japan for components. While Taiwan possesses exceptional machinists and talent concentrated at TSMC, it lacks the comprehensive supply chain presence seen in countries like Japan. The specialized focus on chip manufacturing limits Taiwan's ability to create related industries and agglomeration effects, leading to questions about the merits of manufacturing versus service-based economic models. Ultimately, the disparity in supply chain integration highlights the challenges of relying solely on a single area of expertise.
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