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 classic literature ?
However it is not doubted, that this invention may be capable of great improvement.
replied Tom Hunter, his thoughts reverting involuntarily to a former invention of the Hon.
From one activity to another had Tom Swift gone, now constructing some important invention for himself, as among others, when he made the photo-telephone, or developed a great searchlight which he presented to the Government for use in detecting smugglers on the border.
He was so deeply impressed by the progress made by these pupils, and by the pathos of their dumbness, that when he arrived in Canada he was in doubt as to which of these two tasks was the more important--the teaching of deaf-mutes or the invention of a musical telegraph.
But the tune ISN'T his own invention,' she said to herself:
This same gentleman, having heard of the fame of George's invention, took a ride over to the factory, to see what this intelligent chattel had been about.
I am giving all these details of a perfectly natural invention, producing, with a few painted branches, the supernatural illusion of an equatorial forest blazing under the tropical sun, so that no one may doubt the present balance of my brain or feel entitled to say that I am mad or lying or that I take him for a fool.
It's some wonderful invention, I believe, but I can't help resenting anything that makes us live like hermits, suspect even the tradespeople, give up entertaining altogether, give up even seeing our friends.
For the same reason the Dorians claim the invention both of Tragedy and Comedy.
Mainwaring and a young man engaged to Miss Mainwaring distractedly in love with her, which Reginald firmly believed when he came here, is now, he is persuaded, only a scandalous invention.
In order to get any good of my outlay for your invention, I must make a war, and do so as soon as I can arm my troops - before your secret is discovered by foreign nations.
The invention Lamai had made of tying Jerry with a stick had been noised abroad in the village, and by a stick, in Nalasu's house, Jerry found himself again tied.