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.
Franklin used that idea to invent the armonica, a musical instrument made of glass, that worked in a similar fashion.
The handsome man in the white shirt and tie didn't invent televised selling, but he became the master of the medium, injecting his personality into every pitch.
There is plenty here, too, for students looking for particulars about more obscure inventors (such as Willy Higinbotham, who took time off his research on nuclear e nergy to invent the computer game of Solitaire, and Robert Kearns.
It was with this frame of reference that I developed a core of easy-to-use science curriculum activities that would give students opportunities to invent.
Other urban families invent food by traveling into the countryside to buy directly from farmers, a practice that is also outlawed.
Mother-of-two Susan Miller, 44, told a jury at Liverpool Crown Court: "How could I invent something like that?
WASHINGTON -- Chicagoans and Slate readers are invited tojoin top entrepreneurs for a lively discussion about how individuals can invent new career opportunities for themselves in today's economy.
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.