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.

  • Henry Ford's Model-T

    Ford Déjà Vu

    Aug 3, 12 • 620 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 • 664 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]

  • The Panama Canal Project Facilitates World Trade.

    A Made in the USA Mandate

    Jul 20, 12 • 747 Views • No Comments

    To introduce our first international trade discussion in class, I usually ask students to check where their clothing and shoes have been made. Finding labels that say “Made in China, Made in Thailand, Made in Peru…,” they first see how trade......  [read more]

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    What Spaghetti Sauce Teaches Us

    Jul 15, 12 • 1258 Views • No Comments

    Henry Ford once said that: “If I’d have asked my customers what they wanted, they would have told me ‘A faster horse.’ ” Similarly, asked about spaghetti sauce during the 1980s, consumers primarily knew about Ragu’s......  [read more]

  • propeller

    Temperature Matters

    Jul 12, 12 • 903 Views • 1 Comment

    Shot on July 2, 1881, President Garfield lay dying in a room with the first air conditioner.  Naval engineers, whose primary expertise was ventilating mining shafts, had been called in to help the ailing leader. The cooling device they assembled was composed......  [read more]