But Qualcomm has done no manufacturing of its own since selling its last handset plant in 2000. Although Mirasol was developed in America, the displays will be made in Taiwan, which has the skills, the suppliers and the economies of scale.

　　These findings present a dilemma for America’s policymakers. Raising federal R&D spending and easing immigration for foreign-born PhDs would boost innovation and company successes, but would not produce many jobs. Mr Spence and Mr Atkinson would like to see government incentives aimed at strategic manufacturing sectors. But such policies have a poor track record. And in any case Congress is in no mood to pay for them, no matter what Mr Obama says.