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.

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    Does Luck Matter?

    Oct 31, 11 • 351 Views • No Comments

    In Las Vegas, the 2010 World Series of Poker was composed of 32,000 players and 57 separate tournaments. For the final event, $9 million was at stake. Freakonomics economist Steve Levitt and U. of Chicago law professor Thomas Miles studied the poker world......  [read more]

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    Euro Deal Primer

    Oct 28, 11 • 426 Views • No Comments

    To understand euro zone bailout plans, just think BBB. Bonds, Banks, Bailout The Bonds: If you own Greek debt, then you would be asked to accept a 50% haircut. That means you will get new Greek bonds worth half the old ones. The catch? It’s voluntary. A......  [read more]

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    Innovation and (Steve) Jobs

    Oct 27, 11 • 517 Views • No Comments

    From the iPhone and iPod to a…thermostat? At a Silicone Valley start-up, a former Apple design leader has switched his focus to diminishing carbon emissions, decreasing electric bills, and moderating energy usage. He has changed from iPhones and iPods......  [read more]

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    Innovation and Jobs

    Oct 26, 11 • 2673 Views • No Comments

    Just say, “More productivity, R & D and economies of scale,” and you are talking about large firms. New Yorker financial columnist James Surowiecki reminds us that too often we glorify small businesses and forget how A&P, Walmart and their......  [read more]

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

    Babies and the Elderly

    Oct 24, 11 • 445 Views • No Comments

    The beginning of life and the end of life are becoming more expensive. The number of premature babies in the U.S. has soared by 36% during the past 25 years. Caused partially by twins, triplets, (and more) from older mothers and by advances in......  [read more]