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.
Invention innovation economic change development entrepreneur
Bölüm | Articles |
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Yazarlar | |
Yayımlanma Tarihi | 30 Haziran 2017 |
Yayımlandığı Sayı | Yıl 2017 Cilt: 4 Sayı: 2 |
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