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.

  • A Traditional Telephone Book

    What Can You Learn From the Phone Book?

    Aug 5, 12 • 601 Views • No Comments

    Among all of the innovations that changed our lives, have you ever thought about the phone book? The first phone book dates back to 1878. Compiled by the the District Telephone Company of New Haven, soon to become SNET, the Southern New England Telephone......  [read more]

  • Henry Ford's Model-T

    Ford Déjà Vu

    Aug 3, 12 • 538 Views • No Comments

    Responding to very different incentives, in 1908 and in 2012 Ford designed a lighter car. The first Model-T had a unique chassis. Made of a steel alloy that no other US car maker used, the Model-T was inexpensive, relatively powerful, sturdy and user......  [read more]

  • Flawless Monarch Butterfly Flying on Isolated White

    The Downside of Sitting

    Jul 22, 12 • 552 Views • No Comments

    I’ve been thinking about the economic connection between sitting and butterflies. Our story starts with sitting studies. Pulling together the data from surveys covering 167,000 adults, researchers have concluded that you might live longer if you sit......  [read more]

  • The Panama Canal Project Facilitates World Trade.

    A Made in the USA Mandate

    Jul 20, 12 • 641 Views • No Comments

    To introduce our first international trade discussion in class, I usually ask students to check where their clothing and shoes have been made. Finding labels that say “Made in China, Made in Thailand, Made in Peru…,” they first see how trade......  [read more]

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    What Spaghetti Sauce Teaches Us

    Jul 15, 12 • 1113 Views • No Comments

    Henry Ford once said that: “If I’d have asked my customers what they wanted, they would have told me ‘A faster horse.’ ” Similarly, asked about spaghetti sauce during the 1980s, consumers primarily knew about Ragu’s......  [read more]