research and development

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The use of resources to create new knowledge, and to develop new and improved products or more economical methods of production. Research is the part of this devoted to discovering new knowledge; development is the part devoted to bringing new ideas to the stage where production for the market can start. This includes devising methods of making the products, and testing that they work reliably and do not create hazards for health or safety. In many models of endogenous growth R&D is the engine of growth.

Subjects: Earth Sciences and Geography — Economics.

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