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.

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

    An Economic High?

    Nov 25, 12 • 1162 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 • 559 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 • 1129 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]

  • In NYC and China, developers are building smaller apartments.

    Micro-Apartments

    Oct 23, 12 • 1258 Views • No Comments

    An iPad turns on the lights, the shower is a futuristic sounding vertical tube near the door and the bed becomes seating.  Occupying 161 square feet, this Dongguan, China micro-apartment is the size of a US mall parking space. But, at $133 a square foot......  [read more]

  • Invention, Profit and Economic Growth

    The Real Mother of Invention

    Oct 21, 12 • 1108 Views • No Comments

    Saying that profit, not necessity is the mother of invention, economic historian John Steele Gordon starts his column in this week’s Barrons. His focus was the 18th century clipper ships that earned people like John Jacob Astor $50,000 for a single......  [read more]