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 classic literature ?
He assured me "that this invention had employed all his thoughts from his youth; that he had emptied the whole vocabulary into his frame, and made the strictest computation of the general proportion there is in books between the numbers of particles, nouns, and verbs, and other parts of speech.
And this invention would certainly have taken place, to the great ease as well as health of the subject, if the women, in conjunction with the vulgar and illiterate, had not threatened to raise a rebellion unless they might be allowed the liberty to speak with their tongues, after the manner of their forefathers; such constant irreconcilable enemies to science are the common people.
These inventions, in fact, left far in the rear the timid instruments of European artillery.
But the tune ISN'T his own invention,' she said to herself:
This same gentleman, having heard of the fame of George's invention, took a ride over to the factory, to see what this intelligent chattel had been about.
I am giving all these details of a perfectly natural invention, producing, with a few painted branches, the supernatural illusion of an equatorial forest blazing under the tropical sun, so that no one may doubt the present balance of my brain or feel entitled to say that I am mad or lying or that I take him for a fool.
It's some wonderful invention, I believe, but I can't help resenting anything that makes us live like hermits, suspect even the tradespeople, give up entertaining altogether, give up even seeing our friends.
My last invention was a great step forward, but this is absolute success.
From one activity to another had Tom Swift gone, now constructing some important invention for himself, as among others, when he made the photo-telephone, or developed a great searchlight which he presented to the Government for use in detecting smugglers on the border.
The invention Lamai had made of tying Jerry with a stick had been noised abroad in the village, and by a stick, in Nalasu's house, Jerry found himself again tied.
He was so deeply impressed by the progress made by these pupils, and by the pathos of their dumbness, that when he arrived in Canada he was in doubt as to which of these two tasks was the more important--the teaching of deaf-mutes or the invention of a musical telegraph.
1-7) Sing, clear-voiced Muses, of Hephaestus famed for inventions.