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 ?
Three developmental aspects of children's organization of invented stories were determined in this study.
Packard varies the experience each year with themes such as designing and testing a clay boat, or solving a personal problem--a "baby brother shield" invented by one student was written up in the local newspaper.
McCoy (1844-1929) - The son of fugitive slaves, he overcame prejudice and is believed to be the source of the phrase, "The real McCoy." Holder of 57 patents, he invented an automatic lubricator for machinery that became so widely used and admired, people asked for "the real McCoy" over imitations.
They challenge the invented myth of predominantly Jewish spatial and continuous association with Palestine.
I know you didn't know that he was the prototype for Ryan O'Neal's character in Love Story or that he invented the Internet.
No one knows when the first shorthand was invented, but a Roman system was developed by Tiro, a freed slave employed by Marcus Tullius Cicero.
So, for example, if Henry Frankfurt alone invented the hot dog, then the answer to (1), for Karttunen, is the proposition that HENRY FRANKFURT INVENTED THE HOT DOG.
At the peak of this frenetic time, says forest historian John Perlin, the changes in the landscape were astonishing-- even before the chainsaw had been invented. He writes: "The amount of forests lost due to pasturage and felling trees to clear land for cultivation, for lumber, and for fuel [accelerated] from 1,600 square miles per year in 1835 to 7,000 square miles 20 years later.
Robert Dennard invented RAM, which help these machines remember.
Pilipinas Maxine Medina major mistake in a video screened during the preliminary competition of the Miss Universe held on Thursday night: She claimed it was Imelda Marcos, wife of the late dictator Ferdinand Marcos, who invented the traditional terno.
Innovators who will stay at the Rashtrapati Bhavan are Gurmail Singh Dhonsi who invented rapid compost aerator and tree pruner, Dharamveer Kamboj who invented Multipurpose processing machine, Manisha Mohan who invented society harnessing equipment (SHE), M.B.
A teenage plowing a potato field in 1920 had an idea of a way to 'make pictures fly through the air' and eight years later he made his idea a reality and invented television.