Abstract
It is well known how Watt-Boulton steam engine freed England and then all nations from geographic and climatic vagaries of water power and how it permitted man for first time to concentrate great quantities of efficient motive power in one location. But how did this important transformation come about? What lessons about economic characteristics of technological and can we learn from steam engine's history? The terms invention and innovation suggest conceptual formulations of Abbott Payson Usher and Joseph A. Schumpeter. Crucial to Usher's conception of is an act of insight going beyond exercise of normal technical skill, even though additional activities (perception of a problem, setting stage, and critical revision) are also recognized.' Schumpeter, on other hand, defined as the carrying out of new combinations.2 For case of new technology, this can be identified with reducing an to practice and exploiting it commercially. Schumpeter emphatically distinguished his concept of from that of invention.
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