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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    The Oreo Centennial

    Dec 28, 11 • 793 Views • No Comments

    Next year, we can celebrate Oreo’s 100th birthday. First sold in 1912, Oreos have been priced at: 1922: 32 cents/lb. 1934: 27 cents/lb. 1960: 45 cents/lb. 1991: $2.39/lb. 2008: $4.29/18oz. 2011: $4.29/16.6oz. Amazingly, according to the Bureau of Labor......  [read more]

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    Creative Destruction and the Independent Bookstore

    Dec 26, 11 • 521 Views • No Comments

    The buggy whip, the typewriter, and now, maybe the independent bookstore? In a NY Times Op-Ed, author Richard Russo criticized Amazon for business tactics that would harm independent bookstores.  He cited friends who said, “They don’t win unless......  [read more]

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    Paying Kids For Good Grades

    Dec 24, 11 • 540 Views • No Comments

    What happens when you combine a $100 student payment with a teacher bonus for high A.P. grades, better lab equipment, free tutoring, Saturday classes and extra teacher training? At one Boston school, the results for an A.P. statistics class were: A surge in......  [read more]

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    Fast (and Slow) Food

    Dec 23, 11 • 580 Views • No Comments

    Wendy’s is about to pull ahead of Burger King in the U.S. The reason? People care about their lettuce and the shape of their burgers. Led by new ownership, Wendy’s now has 11 different greens (not just iceberg), a slightly rounded bun......  [read more]

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    What Can An N-Gram Tell Us?

    Dec 20, 11 • 488 Views • No Comments

    For laughing and learning this TED talk is wonderful.  Having digitized 15 million books, Google enabled us to access a mammoth body of knowledge. However, just reading the entries from the year 2000, without eating or sleeping, absorbing 200 words a......  [read more]