The Impact of Technology on the US Economy: The Development of Nanotechnology

The Impact of Technology on the US Economy: The Development of Nanotechnology

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In the last decade, the United States has established itself to be one of the most influential sources of technological development. As a result, United States' technological development has made a significant contribution to its robust economy. Since the technological development continues to rapidly grow to the present date, specifically the nanotechnology sector, the United States is pursuing to develop and expand its appropriate institutional mechanisms and policies to better manage the technological development. Currently, there are debates to whether the free market mechanism or government intervention and promotion (industrial policy) works to effectively manage technological development. John F. Sargent, specialist in science and technology policy, comments that Libertarians, free market advocates, believe that limited government intervention allows the market to flourish with promising opportunities and become more efficient in managing the nanotechnology sector (Sargent, 21). On the other hand, some economists believe that government intervention and promotion are vital to allow the nanotechnology sector to expand in R&D (research and development). There isn’t a clear answer to which institutional mechanism or policy will promote prosperity and advancement in the nanotechnology sector, but incorporating and balancing both mechanism into technological development may maintain it better. For this reason, we will need to deeply analyze and explore the costs and benefits of each institutional mechanism and policy to decide which will yield the most positive outcomes and maximum efficiency in the nanotechnology sector.
To begin with, the free market mechanism heavily upholds the ideas of limited government intervention, priv...

... middle of paper ...

...otechnology field. Since nanotechnology will be more readily available to society, Buhl strongly believes it will most likely have the strongest job opportunities and career outlook (Buhl, 1). Therefore, if the state funded higher education to its citizens and gear them towards working with nanotechnology, the economy as a nation will maximize its production possibilities.
In conclusion, there is no clear answer to which mechanisms and policies will promote nanotechnology at its best, but it requires a hybrid institutional mechanism and framework of both state intervention and free market system. One institutional mechanism or policy might have a advantage in a certain field, but it does not satisfy the society as a "whole'". Nanotechnology is still a developing sector, in which will require careful management to allow it to achieve its prosperous opportunities.

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