Abstract
References
- Arthur, W. B. (2007). “The Structure of Invention,” Research Policy, Vol. 36, pp. 274-287.
- Barnett, H. G. (1953). Innovation: The Basis of Cultural Change, New York: McGraw-Hill.
- Baumol, W. J. (2002). The Free-Market Innovation Machine: Analyzing the Growth Miracle of Capitalism, New Jersey: Princeton University Press.
- Elster, J. (1983). Explaining Technical Change: A Case Study in the Philosophy of Science, Cambridge: Cambridge University Press.
- Gilfillan, S. C. (1935). The Sociology of Invention, Cambridge: Follett.
- Goddin, B. (2008). “Innovation: the History of a Category,” Project on the Intellectual History of Innovation, Working Paper No. 1.
- Kaempffert, W. (1930).Invention and Society, Chicago: American Library Association.
- Köhler, W. (1926).The Mentality of Apes, London: Harcourt, Brace.
- Maclaurin, W. R. (1950). “The Process of Technological Innovation: The Launching of a New Scientific Industry,”American Economic Review, Vol. 60, pp. 90-112.
- Nelson, R. R. (1959). “The Economics of Invention: A Survey of the Literature,” The Journal of Business, Vol. 32, pp. 101-127.
- Ogburn, W. F. (1922). Social Change with Respect to Culture and Original Nature, New York: B. W. Huebsch, Inc.
- Rosenberg, N. (1974). “Science, Invention and Economic Growth,” The Economic Journal, Vol. 84, No. 333, pp. 90-108.
- Ruttan, V. W. (1959). “Usher and Schumpeter on Invention, Innovation, and Technological Change,” The Quarterly Journal of Economics, Vol. 73(4), pp. 596-606.
- Schumpeter, J.A. (1939).Business Cycles: A Theoretical, Historical, and Statistical Analysis of the Capitalist Process, New York: McGraw-Hill.
- Schumpeter, J. A. (1947). “The Creative Response in Economic History,”The Journal of Economic History, Vol. 7, No. 2, pp. 149-159.
- Schumpeter, J.A. (1912), The Theory of Economic Development: An Inquiry into Profits, Capital, Credit, Interest, and the Business Cycle, Cambridge: Harvard University Press.
- Schmookler, J. (1966). Invention and Economic Growth, Cambridge: Harvard University Press.
- Solo, C. S. (1951). “Innovation in the Capitalist Process: A Critique of the Schumpeterian Theory,” The Quarterly Journal of Economics, Vol. 65, pp. 417-28.
- Taussing, F. W. (1915). Inventors and Money-Makers. New York: The Macmillan Company.
- Usher, A. P. (1929). A History of Mechanical Inventions, New York: Dover.
- Usher, A. P. (1955). “Technical Change and Capital Formation” in Capital Formation and Economic Growth, National Bureau Committee for Economic Research, Princeton: Princeton University Press.
Abstract
Purpose- In this paper we
investigate the difference between invention and innovation. Since theories of
invention are rare in the literature, this subject deserves the appropriation
of proper attention. In the economics of competitive market, there is an
important distinction between invention and innovation.
Methodology- We use qualitative and historical-narrative methodology. An
invention is devoid of economic value unless it is put into practical use and
consumption. An abstract idea may be an important invention. But it takes an
entrepreneur to transform the abstract invention into a marketable product. By
“getting things done,” the entrepreneur produces economic value and thereby
utility.
Findings- The entrepreneur
produces utilities by arranging, designing or re-organizing things in a new way
that were not done before. On the other hand, the inventor creates ideas to
produce something new that was inexistent beforehand.
Conclusion- The task of inventor
may seem more essential at first. However, as far as competitive economy is
concerned, the function of innovative entrepreneur is determinant in economic
change and development. An inventor becomes entrepreneur if endeavor in
invention is transformed into labor in entrepreneurship.
References
- Arthur, W. B. (2007). “The Structure of Invention,” Research Policy, Vol. 36, pp. 274-287.
- Barnett, H. G. (1953). Innovation: The Basis of Cultural Change, New York: McGraw-Hill.
- Baumol, W. J. (2002). The Free-Market Innovation Machine: Analyzing the Growth Miracle of Capitalism, New Jersey: Princeton University Press.
- Elster, J. (1983). Explaining Technical Change: A Case Study in the Philosophy of Science, Cambridge: Cambridge University Press.
- Gilfillan, S. C. (1935). The Sociology of Invention, Cambridge: Follett.
- Goddin, B. (2008). “Innovation: the History of a Category,” Project on the Intellectual History of Innovation, Working Paper No. 1.
- Kaempffert, W. (1930).Invention and Society, Chicago: American Library Association.
- Köhler, W. (1926).The Mentality of Apes, London: Harcourt, Brace.
- Maclaurin, W. R. (1950). “The Process of Technological Innovation: The Launching of a New Scientific Industry,”American Economic Review, Vol. 60, pp. 90-112.
- Nelson, R. R. (1959). “The Economics of Invention: A Survey of the Literature,” The Journal of Business, Vol. 32, pp. 101-127.
- Ogburn, W. F. (1922). Social Change with Respect to Culture and Original Nature, New York: B. W. Huebsch, Inc.
- Rosenberg, N. (1974). “Science, Invention and Economic Growth,” The Economic Journal, Vol. 84, No. 333, pp. 90-108.
- Ruttan, V. W. (1959). “Usher and Schumpeter on Invention, Innovation, and Technological Change,” The Quarterly Journal of Economics, Vol. 73(4), pp. 596-606.
- Schumpeter, J.A. (1939).Business Cycles: A Theoretical, Historical, and Statistical Analysis of the Capitalist Process, New York: McGraw-Hill.
- Schumpeter, J. A. (1947). “The Creative Response in Economic History,”The Journal of Economic History, Vol. 7, No. 2, pp. 149-159.
- Schumpeter, J.A. (1912), The Theory of Economic Development: An Inquiry into Profits, Capital, Credit, Interest, and the Business Cycle, Cambridge: Harvard University Press.
- Schmookler, J. (1966). Invention and Economic Growth, Cambridge: Harvard University Press.
- Solo, C. S. (1951). “Innovation in the Capitalist Process: A Critique of the Schumpeterian Theory,” The Quarterly Journal of Economics, Vol. 65, pp. 417-28.
- Taussing, F. W. (1915). Inventors and Money-Makers. New York: The Macmillan Company.
- Usher, A. P. (1929). A History of Mechanical Inventions, New York: Dover.
- Usher, A. P. (1955). “Technical Change and Capital Formation” in Capital Formation and Economic Growth, National Bureau Committee for Economic Research, Princeton: Princeton University Press.
Details
| Journal Section | Articles |
|---|---|
| Authors | |
| Publication Date | June 30, 2017 |
| Published in Issue | Year 2017 |
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