Chapter

Investment, Invention, and Scientific Discovery

Maurice FitzGerald Scott

in A New View of Economic Growth

Published in print June 1991 | ISBN: 9780198287421
Published online November 2003 | e-ISBN: 9780191596872 | DOI: http://dx.doi.org/10.1093/0198287429.003.0005

Series: Clarendon Paperbacks

 Investment, Invention, and Scientific Discovery

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Schmookler has provided evidence that the rate of invention is determined by the rate of investment. Investment (and inventive) opportunities are created by undertaking investment. There is no evidence that the opportunities in a particular field become exhausted for technical reasons, although they may for economic ones. Near simultaneous discoveries by different people show that past history makes inventions close to inevitable. Scientific discovery therefore is not the autonomous determinant of technical progress, which orthodox theory believes it to be.

Keywords: invention; investment; scientific discovery; technical progress

Chapter.  7232 words. 

Subjects: Economic Development and Growth

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