Graphene Revolution: An R&D-Based Growth Model Interpretation

In the physics community, there is a new nanomaterial known as graphene which has been invariably referred to as the disruptive technology arguably due to its capability to revolutionize the information and communication technology. In the economics community, there is a celebrated model of economic growth which has been termed the R&D-based growth model due to its stipulation that growth is achieved through creative destruction, an idea introduced by the late economist Joseph Schumpeter. Inasmuch as the idea of disruptive technology is akin to that of creative destruction, this paper explores the extent to which the so-called graphene revolution can be given an R&D-based growth model interpretation. Although such consistency exists, there are some discrepancies which may alter the conclusions of the model.