Excerpt from Research in Industry: The Basis of Economic Progress
The reduction of production costs in the past has always been obtained through improvements in manufacture resulting in greater yields for a given expenditure of labour, but the progress achieved thereby has been largely fortuitous and unregulated. In order to maintain current standards of living and culture in the face of burdens left by the war, it is imperative that industrial development in future be definitely assured. Since manufacturing advances are won by the introduction into industry of new knowledge, it follows that new knowledge must be systematically sought, and that a portion of the product of industry must be set aside for pursuing the means of further progress. In existing manufactures, new knowledge will result in the introduction of the most efficient and socially most beneficial productive methods; to the possibilities of the future it implies organized and intensive effort towards the cultivation of new industries and new products. On the material side, the cause of progress demands close study of commercial resources, whether actually or potentially valuable, and of their application and disposition in manufactured products; it demands, that is to say, scientific research. On the personal side, it calls no less for the proper technical and social education of all grades of workers, together with the fullest utilization of their powers in modern administrative systems affording the most effective co-ordination of personnel.
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