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.

  • Dynamic Pricing for Tickets Displays the Power of Prices

    Broadway and Airlines

    Nov 26, 11 • 571 Views • No Comments

    Have you ever hesitated to book an airline reservation and, within moments, the price changed? Or, could you have known that delaying your purchase of a ticket to God of Carnage in LA last summer would have saved you almost $70? The reason is “dynamic......  [read more]

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

    A Thanksgiving Mystery

    Nov 25, 11 • 682 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 • 434 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 • 404 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 • 440 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]