近日，美国George Mason大学的教授Donald J. Boudreaux在华尔街日报发布了一封公开信。

　　他在信中首先表示，拜登政府对产业政策的社论批评是正确的。但是，如果将纳税人的 540 亿美元资金投入一个据称处于危险之中的美国半导体行业，这个带来的荒谬之处比你有空间提及的要深刻得多。

　　他在信中接着说，正如您所指出的，美国公司在设计 （52%） 和芯片制造设备 （50%） 方面占据主导地位，这是真的。但关于这个行业的好消息并不止于此。考虑一下卡托研究所的 Scott Lincicome 最近对美国半导体行业健康状况的总结：“美国也是全球排名前五的半导体和相关设备出口国，2019 年这些商品的出货量接近 470 亿美元。这些和其他数据使得SIA 在其 2020 年美国半导体行业状况报告中得出结论——美国的半导体制造基地仍然稳固。

　　SIA 还报告说，美国产业占全球半导体销售额的‘近一半’——自 1990 年代后期以来，该市场份额一直稳定（从 40 年代中期到 50 年代低端）——并且是每个行业的最畅销产品。主要区域市场，当中包括中国。美国半导体公司的销售额也从 1999 年的 767 亿美元增长到 2019 年的 1928 亿美元——复合年增长率接近 5%。

　　Donald J. Boudreaux强调，补贴总是令人怀疑，尤其当它们涌入蓬勃发展的行业时，无疑是不可原谅的。我们还需要什么进一步的证据来得出结论，不能相信政治家会明智地分配资源？

　　U.S. Chip Industry Chipper, Subsidy a Waste

　　Your editorial criticisms of industrial policy are spot on （”Industrial Policy, Same Old Politics,“ May 26）。 Yet the absurdity of now throwing $54 billion of taxpayers' money at an allegedly on-the-ropes U.S. semiconductor industry runs more deeply than you had space to mention.

　　It's true, as you note, that ”American companies dominate in design （52%） and chip-making equipment （50%）。“ But the good news about this industry doesn't stop there. Consider this recent summary, by the Cato Institute's Scott Lincicome, of the healthy state of America's semiconductor industry: ”The United States is also a top-five global exporter of semiconductors and related equipment, shipping almost $47 billion of those goods in 2019. These and other data led the SIA [Semiconductor Industry of America] to conclude in its 2020 State of the U.S. Semiconductor Industry report that 'the semiconductor manufacturing base in the United States remains on solid footing.‘“

　　”The SIA also reports that the U.S. industry has 'nearly half' of all global semiconductor sales—a market share that has been steady （ranging from the mid‐40s to low 50s） since the late 1990s—and is the top seller in every major regional market, including China. Sales by U.S. semiconductor firms also grew from $76.7 billion in 1999 to $192.8 billion in 2019—a compound annual growth rate of almost 5%.“

　　”Beyond output and sales, the U.S. semiconductor industry has been a global leader in capital spending （capex） and R&D.“

　　Subsidies are always suspect, but when showered on industries that are thriving, they are beyond doubt inexcusable. What further proof do we need to conclude that politicians cannot be trusted to allocate resources wisely?

　　Prof. Donald J. Boudreaux

　　George Mason University

　　Fairfax, Va.