The Impact of Technology on the US Economy The...

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†¦show more content†¦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 manag ement 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 nanotechnology development and research would not have preserved its dominance and high position in the technology business and competition in the first place. Ideally, advocates claim that the influence of industrial policy and appropriate institutional mechanism has allowed the technological benefits to spread worldwide. Over the last decade, the state has enacted some pertinent pol icies that transformed the way technological development, specifically the nanotechnology sector, can benefit our nation. To start with, the nanotechnology sector would have not advanced too rapidly withoutShow MoreRelatedThe Impact of Nanotechnology in Our Lives1523 Words   |  7 PagesThe Impact of Nanotechnology in Our LivesNanotechnology is science and engineering at the scale of atoms and molecules. It is the manipulation and use of materials and devices so tiny that nothing can be built any smaller. 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