Making Things from New Ideas

Artefacts Model

Artefacts are commercially exploitable innovations, man-made objects designed to perform tasks, such as telescopes, sewing machines, aircraft and antibiotics. For newly innovated artefacts to influence economic growth they normally need to be produced and sold in large quantities. Commercial production and sales requires investment in manufacturing facilities and marketing. Products will be sold and some, or all, of the revenue generated from these sales may be reinvested in the business. Surplus revenue is profit, which provides the return on the owners’ investments. Most knowledge generating institutions, such as universities, have been funded from the profits of manufacturing businesses, either directly or indirectly through taxation and wealth redistribution. Furthermore, commercially produced artefacts are used in the production of reliable knowledge, so the quantity production of artefacts has a direct effect on the generation of new reliable knowledge, both in terms of funding it and providing the tools for its discovery.

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