Economic Questions and Considerations for Nanotechnology

Introduction

Nanotechnology is the latest technology to enter the world of science and engineering. It involves dealing with very small particles which are even smaller than the known molecules. The purpose is to apply these techniques to knowing the smallest proportions of various elements providing the ability to modify these at whim. As an example, it is being used widely in biotechnology to modify the properties of various elements and compounds. Likewise, it is also being commonly used in engineering design and manufacturing. The real purpose here is to know its economic and marketing viability in order to develop a strong case for its widespread use.

Economic Questions and Considerations

The economic questions and considerations of nanotechnology stem from the fact that it is very new and immature. Even when the nanotechnology has been here for quite some time it has still not reached its apex. Accordingly, we need to develop a strong case for nanotechnology. The first most important question relates to its economic viability. We already know the nanotechnology is being widely used in both biotechnology and engineering design and manufacturing. However, the question is with respect to its general economic viability. Then, we find that the nanotechnology has already proven economically strong in terms of the new products that it makes possible as well as through its breakthrough uses in these fields.

The most important consideration is its continued economic sense through its application to other fields such as the medical sciences. Those scientists who are developing nanotechnology per se need to know its general usability and utility. However, as a basic science product its economic viability cannot be established, only anticipated.

Another economic question is with respect to its continued life and use in various fields of science. Here, the big question is that whether it can last, or will get overrun by other competing and new technologies such as petatechnology and more latest developments. This question remains unanswered as nearly all new technologies mostly have only current economic viability.

Conclusion

It is clear that several economic questions and considerations relate to the nanotechnology just like other technologies. However, the most pertinent question is with respect to its widespread application to other newer fields. Furthermore, the economic viability also requires long-term sustainability of the technology. However, it is already known that most current technologies have only ephemeral and short-term economic sense. The pace of technology change in today's world does not allow long-lasting economic viability for any new technology, no matter the breakthrough.