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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    There’s No Such Thing as Free Music…

    Jan 17, 12 • 475 Views • No Comments

    By Mira Korber, guest blogger. You are a young musician on the brink of your professional career. Graduation is in May, orchestra auditions are around the corner, and where do you go to begin preparing? The IMSLP, of course. The what? The “International......  [read more]

  • Twinkie Facts

    Jan 12, 12 • 456 Views • No Comments

    There is more to a Twinkie than sugar, fat, preservatives and artificial flavors. The history of the Twinkie is an economic story. Once upon a time, during the depression, a manufacturer can 30 ingredients. Depression: 1930 first sold WW II rationing:......  [read more]

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    Government’s Venture Capital

    Jan 9, 12 • 509 Views • No Comments

    The Erie Railway went bankrupt multiple times. Primarily government funded, it originally connected 2 small NY communities and cost 4 times more than initial projections when it was completed in 1851.  Citing the financial woes of the Erie Railway, a......  [read more]

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    A Kodak (Missed) Moment

    Jan 7, 12 • 690 Views • No Comments

    Thinking of Kodak, we can remember razor blades and Apples. Soon after it began in 1880, Kodak told us, “You press the button and we do the rest.” Making home photography simple, they just had to sell us a camera; then, as with the razor and......  [read more]

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    Leap Seconds

    Jan 6, 12 • 551 Views • No Comments

    The earth is supposed to rotate every 24 hours. Sometimes, though, it takes less time and sometimes it takes more. So, to be precise, we depend on atomic clocks. And therein lies the problem.  Increasingly, Solar Time (earth rotation time) deviates from......  [read more]