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.

  • Everyday economics and U.S. GDP

    Questions about Capitalism

    Jan 4, 12 • 519 Views • No Comments

    Can capitalism survive? In a Project Syndicate article, Harvard professor Ken Rogoff said, probably. But the “Anglo American paradigm” might evolve into another kind of capitalism. What threatens Anglo-American capitalism? Dr. Rogoff lists 5......  [read more]

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    The Oreo Centennial

    Dec 28, 11 • 740 Views • No Comments

    Next year, we can celebrate Oreo’s 100th birthday. First sold in 1912, Oreos have been priced at: 1922: 32 cents/lb. 1934: 27 cents/lb. 1960: 45 cents/lb. 1991: $2.39/lb. 2008: $4.29/18oz. 2011: $4.29/16.6oz. Amazingly, according to the Bureau of Labor......  [read more]

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    Creative Destruction and the Independent Bookstore

    Dec 26, 11 • 493 Views • No Comments

    The buggy whip, the typewriter, and now, maybe the independent bookstore? In a NY Times Op-Ed, author Richard Russo criticized Amazon for business tactics that would harm independent bookstores.  He cited friends who said, “They don’t win unless......  [read more]

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    Paying Kids For Good Grades

    Dec 24, 11 • 506 Views • No Comments

    What happens when you combine a $100 student payment with a teacher bonus for high A.P. grades, better lab equipment, free tutoring, Saturday classes and extra teacher training? At one Boston school, the results for an A.P. statistics class were: A surge in......  [read more]

  • Everyday economics and Shake Shack

    Fast (and Slow) Food

    Dec 23, 11 • 542 Views • No Comments

    Wendy’s is about to pull ahead of Burger King in the U.S. The reason? People care about their lettuce and the shape of their burgers. Led by new ownership, Wendy’s now has 11 different greens (not just iceberg), a slightly rounded bun......  [read more]