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Now, let's take a closer look at 3-D printing technology.

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Now, it's made headlines this week after that shocking announcement from a Texas-based company called Defense Distributed.

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It claims that it has successfully fired the world's first gun that was made using a 3-D printer.

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Now, this video posted on the group's Web site appears to show the weapon being fired and a Forbes writer witnessed the event.

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So, what exactly is 3-D printing?

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Well, instead of using ink like regular printers, 3-D printers use materials like plastic.

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They take a digital image that you can create using modeling software on a computer,

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and then print it out by building up layer on layer of material to create complex solid objects.

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Now, car parts, prosthetic limbs, even human tissue had been 3-D printed by manufacturers and doctors who have been using this technique for decades.

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And thanks to cheaper 3-D printer models, the technology is now available to anyone with around $1,000 to spare.

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And for more, let's bring in our regular contributor, a senior editor at the NewYorker.com, Nicolas Thompson, who joins us live from New York.

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And Nick, let's back up a bit.

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For years now, product designers have been using 3-D printers for prototyping, right?

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Absolutely. I mean, people who design houses, for example, have been using 3-D printers for years.

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People who design airplanes, people who design any sort of complex system --

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the precision that 3-D printing allows and the ability to have flexible designs to change and to say,

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"Wait, what if I make this part slightly differently, what will it look like?"

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-- they've been the early adopters of 3-D printing. They've pushed this technology forward,

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and they've helped push it from something on the... you know, something minor, something on the fringes, to something that's now becoming ever more mainstream.

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It's gonna change a lot of manufacturing.

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There are certain things for mass production, for example, where 3-D printing doesn't work.

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3-D printing doesn't really give you great economies of scale. You have to do the same thing each time.

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Injection molds give you great economies of scale.

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So there are lots of things where huge companies will still make them in huge factories using the traditional methods.

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However, for small intricate things, it's gonna become vastly, vastly more efficient.

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And it's gonna shake up industries, sometimes for the good and sometimes for the bad.

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So let's talk about jewelry for a second.

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It's great, right, because you can design your own things. Somebody in their own house could make their own jewelry.

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Suddenly, you have all these start-ups.

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But there's also this problem where you see an earring you really like and you can rip it off,

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so it suddenly makes IP much harder to protect.

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So there's legal concerns with possible IP theft. But there's also something else.

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And going back to that printed gun, that 3-D printed gun, it's leading to a lot of worries in Congress.

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So should 3-D printing be regulated?

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That's an extremely hard question, right.

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So we do have a 3-D printed gun, and there's a whole community of people who believe that in the era of bitcoin and 3-D printers, you know,

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we'll be able to [be] self-sufficient anarchists.

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And you don't really want to encourage or enable that crowd, but what happens when you start to regulate it?

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Well, you get a whole bunch of problems. It's very hard for Congress to regulate an emerging, fast-changing technology.

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It's also something there... it's very important to the United States to be strong in 3-D printing, right.

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China is becoming very... you know, growing very quickly in 3-D printing.

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There is a story in The Economist about 3-D printed airplane parts in China right now.

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Barack Obama in the State of the Union mentioned 3-D printing as something where he sees real hope for America.

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So, you don't want to cut if off with intrusive regulation,

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but you do want to make sure that you protect intellectual property and you prevent the creation of terrible things like homemade weapons that can't be regulated.

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So, very tough choices for Congress right now.
