invention

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invention

see RESEARCH AND DEVELOPMENT.

invention

the creation of new production techniques and processes and new products that can be developed into usable processes and products through INNOVATION. Invention is an important means for a firm to improve its competitive position over rival suppliers by enabling it to lower supply costs and prices to consumers and to provide consumers with improved products. These benefits also improve overall MARKET PERFORMANCE. Certain kinds of MARKET STRUCTURE may be more conducive to invention insofar as they offer better incentives and resources for undertaking RESEARCH AND DEVELOPMENT (see MONOPOLY for further discussion).

In a more general way, invention can add to the growth of national income and output (see ECONOMIC GROWTH) by the qualitative improvement of a country's CAPITAL STOCK as investment in new technologies improves PRODUCTIVITY. See TECHNOLOGICAL PROGRESSIVENESS, PATENT.

References in periodicals archive ?
I call on the leaders of the Sour Grapes Party (Labour) to get a grip on their members, bring them into line and stop this silly inventing of untrue stories about what's happening in Newcastle.
He started selling at age 16 on Chicago's Maxwell Street, inventing, marketing and promising deals so good, he extended the pitch by trumpeting, ``But wait, there's more
We have brilliant people [at AFRL] who are inventing the future of the Air Force," he said.
Yo in the yo-yo community, is credited with inventing the first playable ball-bearing yo-yo, the Silver Bullet 2, in the early 1990s.
The words used are simple, immediately comprehensible, and emotionally charged, yet they are rendered abstract through repetition and the evacuation of context: Thus, adjectives in Cohesion ("weak," "ugly," and "stupid"; "other," "slow," and "invalid"; "void" and "sick"), unable to form sentences, instead constitute shapes, inventing an update of Apollinaire's calligrammes.
Lynne Haney, Inventing the Needy: Gender and the Politics of Welfare in Hungary.
The real threat is that a society will use its technology to put itself to sleep, that we will distract ourselves from the reality around us by inventing a dream world that makes us feel good about ourselves.
As in the 1920s, jewelers used gender-specific merchandising tactics when inventing tradition in the 1940s.
Inventing Al Gore, by veteran Newsweek political writer Bill Turque, is not that book.
The article asserted that some of Gore's distortions "are familiar and fairly trivial," such as "taking credit for inventing the Internet or being the model for Erich Segal's Love Story.
6) is always the question denoted by (1), regardless of who did the actual inventing.