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.

  • Industries afflicted with Baumol's Disease have slower productivity growth.

    Butter, Health Care and the Spread of Baumol’s Disease

    Dec 1, 12 • 800 Views • No Comments

    When butter makers had Baumol’s Disease, for centuries, there was no cure. From the 1700s to 1940, making butter required some cream, a churn and usually a woman with lots of time and energy to crank or plunge a shaft. When, in 1850, someone invented a......  [read more]

  • GDP...16843_5.2_9209625-gdp

    Do You Like the GDP?

    Nov 28, 12 • 629 Views • No Comments

    Having just come across the “Better Life Index,” I started thinking about Ed Koch, a former mayor of NYC who often asked everyone, “How am I doing?” Here are some thoughts about how to measure how well we are doing. The GDP:......  [read more]

  • Marijuana legalization is about demand, supply, market structure and cost benefit analysis.

    An Economic High?

    Nov 25, 12 • 1194 Views • No Comments

    On November 6, Colorado voters resoundingly agreed that recreational use of marijuana would become legal. However, as Colorado Governor John Hickenlooper said, “…federal law still says marijuana is an illegal drug so don’t break out the Cheetos or......  [read more]

  • Equality or Efficiency, the Size of the Pie and Each Slice

    More Thanksgiving Economics

    Nov 23, 12 • 578 Views • No Comments

    From a past econlife Thanksgiving post: In 1623, 2 years after the first Thanksgiving, Governor William Bradford was worried about Plymouth’s food supply. The problem, he concluded, was that people shared whatever they produced. Because “able and fit”......  [read more]

  • Our Transportation Infrastructure is Crumbling

    A Path for Driverless Cars

    Nov 3, 12 • 1165 Views • 2 Comments

    A self-driving car could be a pleasure… The day would begin with a pick-up that you scheduled through your phone app. When your self-driving car arrived at your front door, you would get in, check today’s drive time and start to prepare for your......  [read more]