How investment invention and scientific discovery influences our future living economic developmentON the second living economic environment influence aspect, I shall indiate our invention and scientific discovery will be one important factor influences our future living model has much changed to be improved better.
I shall explain how it brings our living economic environment changes as below:Orthodox growth theories regard scientific disvoery of invention as the ultimate determinants of therate of growth of productivity.
Investment is merely required to match the pace of scientific advance or invention.
However, Schmookler has provided evidence for the conclusion that the rate of invention is determined by the rate of investment.
IN fact, inventions are best regarded as a form of investment, and their volume depends, in like manner, on their expected profitability.
Investment opportunities are recreated by unlimiting attempting investment.
There is no evidence that inventive opportunities in a particular field become exhausted for technical reasons, although they may do so for economic reasons.Investion may not be succession, but there is a high probabilities that prior circumstances will bring them about , as the existence of near-simultaneous discoveries by different people show.
Learning from prior experience is important not just in scientific or engineering matters, but in other fields such as business and social organization. So, the improvement of scientific advance can thus be neglected in constructing a theory of economy growth, at least at the beginning.
Research and development can be achieved with other forms of investment and not considered separately at this stage.So, it brings this question: How can the relation between investment, invention and scientific discovery bring economic growth to improve our living standard in possible? We need to discuss this question is by how we plan to implement the exploitation of scientific disvoereries. According to this view, scientific advance that ultimately determines the rate of growth of productivity.
Investment is requireed to match the kind of scientific invention. If it is more than sufficient for that purpose, the rate of scientific invention return will fall, and if it is less, the ra te of return will rise.
The productivity possibility frontier, or the production function, shiftsoutward at a rate determined ultimately by the kind of scientific invention.
At alternative view, it is the kind of invention that is the determining factor, with the kind of scientific invention more in the background. BUt is either view, we need to know about the relations between investment, invention and scientific discovery.Furthermore, there is no evidence that any investment chance must be success to achieve any new scientific invention or discoveries. but since human decides to continue without limited learning opportunities.
Consequently, instead of scientific discovery and invention being the creators of investment opportunities, investment itself creates them.
To understand economic growth, therefore, we need to examine the rate, quality, and determinants of investment. It is a mistake to treat scientific invention and invention as processes that are independent of investment.
Any new scientific invention or discovery which are needed human' talent and attributing time and nervous.
So, training new scientists and increasing new scientists number will be needed because we need they solve our social problems, e.g. air and ocean water environment pollution, overpopulation causes food shortage and water shortage, land shortage dues to global warming causes global water level is increasing.
Any undiscovery scientific products invention, instead of artificial intelligent products, it is possible that scientists can invent any new technological products to replace them to provide to human to use for our living innovative needs.
