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By Jeremy J Ramsden

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Although the colorful phrase “creative destruction” carries with it the innuendo of tabula rasa, of course things are not really like that; although many firms (considered as the basic units of innovation) are destroyed, the hitherto accumulated knowledge remains virtually intact, because of which history cannot really repeat itself, certainly not to the extent of driving a cycle with unchanging period and amplitude, unless some very special regulatory mechanism is operating (but this is not what is being suggested).

Competitive exclusion means that in any niche, ultimately one player will dominate (this is, in fact, a simple consequence of general systems theory). 3 WHAT DRIVES DEVELOPMENT? 3)? Since invention and innovation are carried out by human beings, one should perhaps look at their underlying motivations. 20 It is only natural for technologists to respond to feedback with incremental innovation. 3). But the further growth of innovation, including the actual values of the parameters r and K, depends on other factors, including retarding ones such as inertia and friction.

Applications of fullerenes and carbon nanotubes, which are “true” nanotechnology products, still constitute essentially niche markets. However, the fastest-growing nanomaterials segments are nanotubes (with an amazing projected AAGR of 170–180% over the next five years) and nanocomposites (about 75% AAGR). , in excess of 95%) of global nanotechnology sales. By 2008, however, it is anticipated that the nanomaterials share of the market will have shrunk to around 75% of total sales. Nanotools are now estimated to have increased their share to around 5% (about $1 milliard), and nanodevices are supposed to have established a major presence in the market, with a 20–25% share (equivalent to $6 milliard annually).

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