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The Engineering Industries: II Research and Development, Labour and Exports

In: Problems of a Mature Economy

Author

Listed:
  • F. V. Meyer
  • D. C. Corner
  • J. E. S. Parker

Abstract

Mergers and acquisitions may provide a framework for promoting greater efficiency, but technological and commercial opportunities must not only be available, they must also be used; and they can only be used by firms which devote much of their efforts to innovations. Where innovative and product competition is more important than price competition, each firm must make its own effort. In this respect the response of the various trades in the engineering industries vary, and the differences can be said to reflect the individual trades’ views on whether their future lies in progress, with sales of high-quality new goods, or whether their future lies in repetitive sales of given goods in limited markets. As pointed out before, the former requires research and development (R. & D.) expenditure, and leads to average total-cost pricing, so that unit costs of R. & D. can be recouped. Repetitive sales of identical goods, on the other hand, require no new R. & D. expenditure, and cost cutting is possible only as experience shows how to use factors more effectively in traditional activities. The appropriate pricing policy is marginal prime-cost pricing. These implications should be borne in mind when reading the following survey of research and development in the engineering trades.

Suggested Citation

  • F. V. Meyer & D. C. Corner & J. E. S. Parker, 1970. "The Engineering Industries: II Research and Development, Labour and Exports," Palgrave Macmillan Books, in: Problems of a Mature Economy, chapter 15, pages 275-298, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-15400-5_15
    DOI: 10.1007/978-1-349-15400-5_15
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