A recent article in Wired goes into the reasons for the current worldwide integrated-circuit shortage, which is affecting everybody from videogamers to drivers who want to buy new cars, but can’t because the automakers can’t get enough chips. Reporter Eric Ravenscraft says there are several interrelated reasons, starting with COVID-19. But underlying them is a more structural problem: the fact that over 60% of global semiconductor manufacturing revenue comes from factories in Taiwan, and a good portion of the rest comes from mainland China. The economists will tell you that shortages happen when demand outpaces supply so fast that producers can’t keep up with consumers. As millions around the world transitioned to working from home, the demand for more laptops, webcams, and associated equipment soared.