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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    Innovative Challenges

    Feb 25, 11 • 232 Views • No Comments

    Is it likely that, with each new discovery, innovation gets tougher? It might have been easier to identify an asteroid a century ago because the undiscovered ones were very big. It might have been simpler to find a new human organ; the last one, the...  [read more]

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    Good and Bad Capitalism

    Feb 22, 11 • 323 Views • No Comments

    If you are trying to figure out the economics of the Middle East, I recommend starting with Good Capitalism, Bad Capitalism. One of the book’s 4 different kinds of capitalism, oligarchic capitalism, provides a good “slot” for grouping most...  [read more]

  • Uncertainty can slow economic growth.

    Watson Wins

    Feb 18, 11 • 283 Views • No Comments

    Playing against Jeopardy champs Ken Jennings and Brad Rutter, Watson, the IBM computer won. Imagine three podiums. One is labeled Ken, the middle one Watson, and the third one, Brad. IBM assured everyone that Watson had no internet access and all three...  [read more]

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    The Right Stuff

    Feb 10, 11 • 266 Views • No Comments

    Giving a grade of “One Pinocchio,” the Washington Post assessed the accuracy of President Obama’s February 7, 2011 speech to the U.S. Chamber of Commerce. Most interesting, though, were the topics on which he focused. Yes, President Obama...  [read more]

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    Who Needs a License?

    Feb 9, 11 • 287 Views • No Comments

    What does a hair salon “shampoo specialist” have in common with a private detective? In certain states, each needs a license to do business. But what might licensing involve? For a Texas shampooer, it includes 150 hours of classes while a...  [read more]