What are ways that invention affects the economy growth?

Question

What are ways that invention affects the economy growth?

Answer 1

To put it simple, when one invent something it adds to economical growth. The more people in the world spend, the better the economy.

When selling the invention, you also have to hire people to transport the item, sale the item, hire people to make the item, package the item etc...this also add to economical growth. The more people employed spending increases since people is getting paid. You are making more job for people if you invent something. The more money in the economy and more it grow. I hope this helps...

Answer 2

economic growth comes from the per capita, capital investment per worker.  

if an invention is capital equipment, then an investment in it can create economic growth.  if it is a consumer product, no growth can come from that, only a shift in demand from some other product to that product, or even an increase in demand; but not growth.

Answer 3

Sorry, but we're not going to do your work for you! But I will offer these helpful tidbits.

Invention = technological advancement

So ask yourself: How has improved technology effected the economy? And you answer this by asking some follow up questions. Questions like:

1) Can we now make more of a product than before?

2) Did it make production easier or more streamlined?

3) Did it lower manufacturing costs?

4) Are consumers able to spend less because of it?

5) Do consumers have more choices because of it?

Answer 4

I think you mean ingenuity and not just product invention.  So generally technological changes over time create different business paradigms.  Like the invention of the telephone or computer.  Microsoft argued their antitrust case successfully in the late 90s based solely on the idea that large companies were better at bringing about these shifts than small ones and they had a right to recoup their investment costs.  Which they pulled out of an old hat worn by an economist named Joseph Schumpeter.

So yah, it can quite obviously make a pretty large difference any time someone figures out more efficient ways of doing things.  Likewise, entirely new ways of doing things.  Say they perfect fusion power and electricity becomes cheap enough that we all drive electric cars and stop spending money on oil.