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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    A New Way to See Friction

    Jan 4, 11 • 221 Views • No Comments

    Thinking about friction, most people picture 2 surfaces rubbing together. As economists, we should instead think of the Nobel Prize. Friction is one reason that Dale Mortensen won the 2010 Nobel Prize in Economics. Discussing unemployment, Dr. Mortensen says...  [read more]

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    Productivity Matters

    Jan 3, 11 • 238 Views • No Comments

    Sometimes new technology increases productivity. “Sushi making robots” at Kura, a restaurant chain in Japan, have replaced chefs while conveyer belts take the food to diners. By using less labor and more capital, in a tough economy, the firm is...  [read more]

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    Do You Approve of Profits?

    Dec 18, 10 • 224 Views • No Comments

    Two Questions: 1.How do you feel about profit? In their paper, “Is Profit Evil? Associations of Profit With Social Harm,” 3 University of Pennsylvania researchers discuss two studies that display people’s negative response to profit seeking...  [read more]

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    When Will China and India Catch Up?

    Dec 17, 10 • 247 Views • No Comments

    In one wonderful 4 minute animated video, Swedish professor Hans Rosling shows us how, during 200 years, 200 countries became healthier and wealthier. The turning point for one group of nations is 1810 with the industrial revolution. The next turning point,...  [read more]

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    Walking Matters

    Dec 5, 10 • 230 Views • No Comments

    A podcast on cities from WNYC’s Radiolab cited walking speed as a part of a city’s personality. To walk 60 feet, people averaged 10.55 seconds in Singapore,  12.37 seconds in Paris, 21 seconds in Buchanan, Liberia, and 31.60 seconds in...  [read more]