Research, Invention, Development, and Innovation
Technical progress results from a combination of research, invention, development,
and innovation. Basic research consists of systematic investigation aimed at fuller
knowledge of the subject studied. Applied research is concerned with the potential
applications of scientific knowledge, frequently to commercial products or processes.
Development refers to technical activities that apply research or scientific knowledge
to products or processes (Kennedy and Thirlwall 1972:11–72). Some research and
development results in invention, devising new methods or products. At times, inven-
tion may require development. The commercial application of invention is innova-
tion, discussed in Chapter 12.
According to one study, investment in agricultural research in the United States
from 1940 to 1950 yielded a return of at least 35 percent per year, whereas that in
hybrid corn research from 1910 to 1955 yielded at least 700 percent yearly (Griliches