Innovation and invention

2. Discovery and Invention 5
2.1.Definitions 5
2.2 Incentives 6
2.3 Interactions 6
3. Innovation 9
3.1 Definition 9
3.2 Examples of Innovation 15
3.3 Incentives 17
3.4 Interactions 18
Notes and Referentes 23
1. Introduction
The magnitude of the changes in the political economy in the transition from industrial to informational society will be as great as that of the previous changes which took place in the transition from mercantilist to industrial societies. In the transition to industrial society the central concern in the study of political economy shifted from trade regulated by mercantilism to production of goods and services regulated by laissez faire. For example, Adam Smith in his Wealth of Nations1 proposed first, the elimination of the trade and other economic restrictions proposed by the earlier mercantilists, and second, the promotion of a competitive political economy as the ideal social arrangement to prosper in an industrial society. In the shift from industrial to informational society, the central concern in the study of political economy will shift from production to discovery, invention and innovation.
In the post World War II world, nations must achieve a rapid rate of discovery of new knowledge and a rapid development of the associated inventions and innovations to compete politically and economically2. For example, prior to the current slowdown in the arms race, military competition between the superpowers has been a race to apply science to gain a technological advantage such as first strike capability or Star Wars defense3. Economic competition has also been directed toward technological supremacy by applying science in product function and production efficiency4.
For a firm to prosper in the current world political economy, it must constantly develop new lines of products for the marketplace. In the 20th century economic competition has increasingly become a technology race to get new products to the marketplace. The firm that makes a new reliable product...

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