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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    On Time Again

    Aug 31, 11 • 387 Views • No Comments

    Have you ever thought about the difference that a clock makes? Described in The Geography of Time, a pre-clock world meant you could not say, “I will meet you at 12:30 for lunch” or “Your workday is 9-5.” By the 1820s, though,......  [read more]

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    “Tweetquakes”

    Aug 29, 11 • 368 Views • No Comments

    Sometimes Tweets travel faster than seismic waves. And then, what happens? In this wonderful webcomic from April 2010, an earthquake strikes, people Tweet, and within seconds, the news beats the temblor’s spread. Do people run for safety? No. They send......  [read more]

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    Steve Jobs and Joseph Schumpeter

    Aug 27, 11 • 667 Views • No Comments

    Henry Ford once said that consumers would have requested “a better horse” if he had asked them what to produce. Similarly, Steve Jobs told a reporter, “It’s not the consumers’ job to know what they want.” The result? For......  [read more]

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    When Are Potato Chips Good For Us?

    Aug 26, 11 • 311 Views • No Comments

    Potato chip manufacture is a technological marvel. During one year, in one typical factory, the chips in 80 million bags of Lay’s Potato Chips started as potatoes that were picked and plunked into railroad cars, funneled out for washing and processing......  [read more]

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    Time Matters

    Aug 25, 11 • 346 Views • 1 Comment

    Faster people tend to live in wealthier nations. According to psychologist Robert Levine, cultures with faster walkers probably have more people, a cooler climate, a “vital economy” and they value individualism. Measuring “tempo” in 31......  [read more]