The Anatomy of the Product-Innovation Process: Cost and Time

  • Edwin Mansfield
  • John Rapoport
  • Jerome Schnee
  • Samuel Wagner
  • Michael Hamburger


In this chapter, we study the anatomy of the product-innovation process. Exactly what is involved in product innovation? What is the cost of the various activities that must be undertaken to develop a new product and introduce it to the market? How long do these activities take? To what extent can the time required to get the product to market be reduced by increasing the cost of the project? These questions are extremely important to economists and others. Yet the truth is that, except for a few areas, we have little or no information bearing on them.


Product Group Innovation Process Product Innovation Innovative Activity Manufacturing Facility 
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  1. 3.
    A. Yorke Saville, “Mining Machine Industry,” Iron and Coal Trades Review (September 19, 1958).Google Scholar
  2. Also see C. Freeman, “Research and Development in Electronic Capital Goods,” National Institute Economic Review (November 1965).Google Scholar
  3. 16.
    F. M. Scherer, “Government Research and Development Programs,” in Measuring Benefits of Government Expenditures, ed. by R. Dorfman (Washington, D.C.: The Brookings Institution, 1965).Google Scholar
  4. 17.
    Merton Peck and F. M. Scherer, The Weapons Acquisition Process (Cambridge: Harvard University Press, 1962).Google Scholar

Copyright information

© W. W. Norton & Company, Inc. 1971

Authors and Affiliations

  • Edwin Mansfield
    • 1
  • John Rapoport
    • 2
  • Jerome Schnee
    • 3
  • Samuel Wagner
    • 4
  • Michael Hamburger
    • 5
  1. 1.Wharton SchoolUniversity of PennsylvaniaUSA
  2. 2.Mount Holyoke CollegeUSA
  3. 3.Columbia UniversityUSA
  4. 4.Temple UniversityUSA
  5. 5.Federal Reserve Bank of New YorkUSA

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