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 ?
My listeners' skepticism at that notion forced me to invent a court system, laws of equity, doctrines of nuisance and trespass, zoning and land-use planning, clean water and air acts, forest-practice and pesticide-control laws.
To generate activities, we followed a three-step process that was repeated time and again: copy, adapt and invent.
Families invent additional bedrooms in already tiny apartments by putting up partitions with scraps of building materials.
According to the fest's website, critic Fredric Jameson describes Mababangong Bangungot, thus: A model example of how cinema could invent new geotopical cartographies within the landscape of late capitalism.
Historical accounts and claims of Robert Fulton himself attribute the invention of the steamboat to himself; but in fact he didn't invent it, says retired professional engineer Jack Shagena in his survey Who Really Invented The Steamboat?
The underlying question here is whether humans invent reality or discover it.
American Diversified Holdings Corporation (Pink Sheets: ADHC) Strategic Alliance partner INVENT Pharmaceuticals, Inc.
Remo, Chairman/CEO of American Diversified Holdings Corporation (Pink Sheets: ADHC), announced today that ADHC has entered into a broad strategic alliance with INVENT Pharmaceuticals, Inc.
And besides, I didn't invent the afro; it was invented by my family and the Jackson Five, and it's an image that's always going to be here.
Alexia entered her spill-proof bowl in Invent, Iowa
It has now become hard even to remember that post-Modernism itself started out in this way, with a sense of new forces knocking at the door, new possibilities to try out, new forms or concepts to invent.