Innovation

Innovation is a source of economic growth. Including the impact of new technology and the incentives that stimulate creativity, innovation is important for a market system. Depending on current events, econlife considers the impact and source of past and present innovation that includes the industrial revolution, the transportation revolution, the information revolution and people like Steve Jobs and Andrew Carnegie who made it possible.

  • Hoping to stimulate the economy, in 1939, FDR moved the date of Thanksgiving back a week.

    A Thanksgiving Mystery

    Nov 25, 11 • 661 Views • No Comments

    Although supply and demand should increase turkey prices at Thanksgiving, supermarkets discount turkeys......  [read more]

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    An Apple’s Patent

    Nov 22, 11 • 422 Views • No Comments

    This apple has bites rather than bytes but like its namesake it was patented and took years to develop. When its U.S. patent expired in 2008, it had generated close to $6 million for the University of Minnesota and is still producing royalties in......  [read more]

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    Stagnation or Education?

    Nov 19, 11 • 390 Views • No Comments

    Is the problem stagnation or education? For George Mason economist Tyler Cowen, it was all about his grandmother. Debating MIT economist Erik Brynjolfsson, Cowen reminded us that a long list of innovations including cars, antibiotics and refrigerators......  [read more]

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    Sounds Like Bell Labs

    Nov 15, 11 • 429 Views • No Comments

    Google has a “secret” lab. Called Google X by the NY Times, it sounds like the old Bell Labs. Before 1984, when AT&T was a monopoly, their research subsidiary Bell Labs employed a battalion of scientists. For some, the assignment was just to......  [read more]

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    Surprising Biofuels

    Nov 10, 11 • 391 Views • No Comments

    McDonald’s used fryer grease? Alaska Air might want it. On 75 commercial flights, they will partially fill their tanks with biofuels that contain used cooking oil. Selecting algae for its biofuel blend, United flew from Houston to Chicago on its......  [read more]