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.

  • Packaging can shape a buying decision.

    When Did We Become Shoppers?

    Aug 12, 12 • 6084 Views • No Comments

    Who would have thought that the elevator helped us become shoppers! In Made in America, Bill Bryson tells us that the safety elevator enabled stores to expand upward. And having multiple floors meant we could have department stores. We have to travel back to......  [read more]

  • Industries afflicted with Baumol's Disease have slower productivity growth.

    Cheesecake Medicine?

    Aug 7, 12 • 562 Views • No Comments

    Could Cheesecake Factory help us fix our healthcare system? Touring the kitchen of a Cheesecake Factory restaurant, you would see arrival, refrigeration and storage areas, and cutting, mixing, chopping and combining zones. Preparing the 308 dinner choices......  [read more]

  • A Traditional Telephone Book

    What Can You Learn From the Phone Book?

    Aug 5, 12 • 649 Views • No Comments

    Among all of the innovations that changed our lives, have you ever thought about the phone book? The first phone book dates back to 1878. Compiled by the the District Telephone Company of New Haven, soon to become SNET, the Southern New England Telephone......  [read more]

  • Henry Ford's Model-T

    Ford Déjà Vu

    Aug 3, 12 • 597 Views • No Comments

    Responding to very different incentives, in 1908 and in 2012 Ford designed a lighter car. The first Model-T had a unique chassis. Made of a steel alloy that no other US car maker used, the Model-T was inexpensive, relatively powerful, sturdy and user......  [read more]

  • Flawless Monarch Butterfly Flying on Isolated White

    The Downside of Sitting

    Jul 22, 12 • 634 Views • No Comments

    I’ve been thinking about the economic connection between sitting and butterflies. Our story starts with sitting studies. Pulling together the data from surveys covering 167,000 adults, researchers have concluded that you might live longer if you sit......  [read more]