How does invention affects the economy today?

Question

How does invention affects the economy today?

Answer 1

Every invention should be relevent in that it leads to production at lower price. Then it becomes a subject matter of economics.

When inventions spawn technologies, there needs to be the organisational set-up to take it to the consumer's door-step. Without this 'managerial midwifery' every technology will be still born. That is the reason why only corporate enterprises are able to do inventions nowadays and individual, free-lance inventors are almost extinct. Every invention should be in response to a need that the man on the street is not aware of. Invention is an corporate economic activity today.

Answer 2

Each good invention means improvement in technology thus increasing quality of life and/or efficient of production (how resources are utilized to produce products).