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 ?
A rag doll with eyes that open and close and the Barbie doll were invented by women.
As virtually every commentator has agreed, the Palestinians are an invented people.
And he is tired of trying to convince people outside Ireland that neither he nor the Fr Ted team invented them.
They have invented new equipment that informs when flood comes and equipment to run electronic goods by mobile.
Except their news service (where they invented current affairs).
When I am in a very light rain, I often wonder why no one has invented an automatic windshield wiper that will automatically seek out rain drops just before the windshield becomes difficult to see through.
Camel-hair brushes are so called because a Mr Camel invented them.
The experience, though, had already sparked the desire in Rubin to produce helpful gadgets and it wasn't long before he started another company with a telescope he invented after reading an article about record telescope sales the last time Halley's Comet passed the earth.
For example, bubble wrap was invented in the 1950s as space-age wall insulation' a swiss engineer invented Velcro in 1952' and a native American chef invented crisps in 1853 not Gary Lineker as most kids think.
During a rather annoying trek up the M1 last week, I invented a new word.
With two pine boards strapped to his feet, 18-year-old Lake Pepin fisherman and sports enthusiast Samuelson invented water skiing and launched both a sport and an industry.
Besides experimenting with electricity, this great man invented bifocals, the Franklin stove, and the odometer (an instrument that measures distances).