Economic Impacts of Nanotechnology Industry: Case Study on Egypt

Abstract

Sustainable economic development would never be possible without having a strong scientific and technological basis. Economics science has evolved in understanding how new technologies help in transforming societies and generating a continuous chain of wealth and progress. Both Microeconomics and Macroeconomics have long recognized the importance of technological developments in economic systems. In particular in Macroeconomics, the idea of explaining how technology creates economic growth has been extensively explored. Nanotechnology industry is considered as the core of the next boundless technological revolution and it has a significant role spurring global economic growth. This paper aims to focus on the economic impacts of the nanotechnology industry with a special focus on the Egyptian case. We have found that the Egyptian nanotechnology industry is still lacking behind its peer countries, and therefore we underline the importance of setting a national plan aiming to take serious actions in developing the nanotechnology industry in Egypt to stimulate the national transformation towards a knowledge-based economy.