Janet Yellen has a good point about government support of the chip industry

News Snapshot:

There’s a lot about Bidenomics that represents a departure from the US economic status quo, most notably the administration’s willingness to engage in industrial policy by subsidizing efforts to lessen dependence on fossil fuels and bring the manufacturing of computer chips back to the United States. Economists are typically dubious that government planners can arrange for companies and workers to hit production targets—market measures of demand are more efficient signals for investment. But markets don’t have all the information they need to get these particular jobs done. After all, there’s no price on the damage caused by climate change, and...