Quarterly Journal of Austrian Economics
Author:
James McClure
David Chandler Thomas
Online Publish Date:
ABSTRACT: New product R&D, which precedes post-launch production, is a three-stage process. First comes idea prospecting, which leads to working prototypes. Second comes productization—the conversion of working prototypes into manufacturable products with reasonable prospects of being profitable. Thirdly, firms produce pre-launch inventories. This