The key variable for the evolution of industry is ‘invention’; more precisely, ‘the evolution of industry is the history of this force’ (1929, pp. 17–18). According to MacGregor, it is ‘the nature of invention to create surpluses. An invention means that the same results are got with less outlay of resources’ (1929, p. 31).
Invention can be of two types: (i) invention of resources, with the discovery of new products;
(ii) invention of processes, the effect of which is ‘to get the same result with smaller use of natural supplies’ (1929, pp. 20–21).
In MacGregor, invention comes from the ‘energy of persons’ (1929, p. 31) and allows the development of ‘specialization’ (1929, p. 29). It requires time to come into being.
https://academic.oup.com/cje/article/33/2/335/1732562
Mechanization in Textile Production
https://books.google.co.in/books?id=Qm4uCwAAQBAJ&pg=SL25-PA25#v=onepage&q&f=false
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