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.

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

    Micro-Apartments

    Oct 23, 12 • 1301 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 • 1139 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]

  • Decisions Have An Opportunity Cost That Require Tradeoffs

    Nobel Matchmakers

    Oct 17, 12 • 950 Views • No Comments

    One of the first calls a new Nobel Prize winner might get is from Adam Smith, editor of NobelPrize.org. As you might expect, hearing his name, people initially wonder if the call is for real. Usually Mr. Smith does a quick interview and sometimes, if the......  [read more]

  • Obama/Biden and Romney/Ryan Issues

    Election Economics: Too Much or Not Enough Stimulus Spending?

    Oct 15, 12 • 841 Views • No Comments

    For the first quarter of 2009, GDP declined at a 5.5% rate and, at 7.6% during January, unemployment was rising. With the economy in a tailspin, policy makers wanted to act quickly. Primarily split along party lines, the Congress responded with the $825......  [read more]

  • Henry Ford's Model-T

    Cars For the Masses

    Oct 4, 12 • 684 Views • No Comments

    How to produce a car for the masses? Long ago, Henry Ford had it figured out and now Nissan will try it again in emerging markets. The Nissan story fascinated me because of what it represents. A car is aspirational. It is a step into the middle class. Making......  [read more]