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 ?
Nurses can create the improved future of health care by observing what is and inventing ways to improve it.
Critique: Beautifully and profusely illustrated throughout, "Inventing a Better Mousetrap: 200 Years of American History in the Amazing World of Patent Models" is highly recommended, especially to the attention of do-it-yourself enthusiasts from 8 to 80.
MIKE Lockley's column last week was based around a certain Thomas Crapper inventing the flush toilet.
Reea'n al-Zoubi got the best inventor prize for inventing a turbine handpiece with movable head and Jamal al-Masri as the best youth inventor for inventing a system that converts waste to fertilizer within 36 hours.
Fr Jack can be accused of popularising it but not inventing it.
French aerialis, Jules Leotard iscredited with inventing both leotard tights and the flying trapeze.
A focus on marketing techniques will reveal the basics of promotion to cooks who like inventing new productions, while the addition of vintage and colorful illustrations enhances a lively survey key to understanding chocolate-making history as a whole.
He said his passion for inventing stems from a desire to make life easier for people.
I call on the leaders of the Sour Grapes Party (Labour) to get a grip on their members, bring them into line and stop this silly inventing of untrue stories about what's happening in Newcastle.
By innovating this discovery--instead of inventing the South-pointing chariot--the Chinese could have had a much more efficient tool to solve their problem.
is credited with inventing the underwater pelletizer around 1955 and obtained the original patent.
Since the Japanese invented the ubiquitous, infuriating lawn blower, how about upstaging their ancient rivals across the waters by inventing a noiseless leaf blower?