The Impact Of Technology On The Us Economy: The Development Of Nanotechnology

1795 words - 8 pages

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 ...view middle of the document...

The free market system achieves its technological strength, particularly in the nanotechnology sector, and economic wealth by allowing the private sector to become the "dominant" power rather than the government of control over the market. This encourages many individual firms and entrepreneurs to become more creative, innovative, and competitive to increase their efficiency and allow the market to flourish with many opportunities. As a result, dynamists believe that this free market approach allows the technological development and national economic wellbeing to be well above the national and international standards. One advocate of free market, Edward W. Younkins, believes that the free market system has a strong basis that progression is better achieved by individuals and private firms than the government (Younkins, 2). Additionally, the free market system allows individuals and private firms to have strong, direct connections and relationships within the market by producing and innovating specialized goods and services that consumers are highly demanding. This type of mutual interaction allows the free market to increase its technological strength by specializing its research fields, such as the nanotechnology sector, and allowing efficient allocation of resources by producing goods that are in demand. In the article Technology, Progress, and Freedom, Younkins strongly states “Markets and price signals permit superior targeting of research projects and resources, and private firms can earn large rewards by solving important problems” (Younkins, 2). As a final point, the free market system approaches its goal of technological strength and national economic wellbeing by giving the responsibilities of the market to private sector firms and individuals because they cultivate numerous technological development, stimulate economic wealth, and utilize their skills and creativity without limitations.
On the other hand, many stasists and economists contend that state intervention and promotion (industrial policy) are critical and fundamental components that promote bountiful amounts of technological benefits to the nation. Additionally, advocates of state intervention and promotion (industrial policy) believe that technological development, particularly the nanotechnology sector, requires a substantial amount of government funding and management because of its complexity and challenges. John F. Sargent, specialist in science and technology policy, strongly argues that active federal government role is or almost imperative to allow for commercialization of nanotechnology and further expansion of technological development (Sargent 22). The reason for this is because advocates of state intervention believe that the private sector is insufficient in funding technological development in which, therefore, may cause a stagnant growth and inefficiency. As a matter of fact, without government intervention, advocates believe that the United States'...

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