econlife on ‘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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    Do We Need Area Codes?

    Aug 1, 11 • 149 Views • Businesses, Economic Debates, Economic History, Households, InnovationNo Comments

    What if the 3 digits that precede your phone number no longer related to a place? Known as “number depletion,” phone companies use area codes because we are running out of numbers. But need the numbers have geographical significance? Calls outside...

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    Changing Times

    Jun 26, 11 • 122 Views • Businesses, Demand, Supply, and Markets, Economic History, Innovation, Thinking EconomicallyNo Comments

    Not so long ago, the NY Times depended on ads, help wanted, real estate revenue. Now we have craigslist and monster.com. An Op-Ed Column could be read only on the Op-Ed page. Now, anyone can copy and share an article. And, in those multiple newspaper holders...

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    Happy 100th Birthday IBM!

    Jun 16, 11 • 126 Views • Businesses, Economic History, Government, InnovationNo Comments

    Imagine the challenge of implementing the first Social Security system in 1937. 27 million employees and their employers had to be taxed. The basic idea was to collect the money and then redistribute it to current retirees. So everyone got an ID number....

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    Iowa and New Hampshire

    Jun 8, 11 • 104 Views • Behavioral Economics, Government, Innovation, Macroeconomic Measurement, RegulationNo Comments

    Knowing that ethanol subsidies drive up the price of corn and might even harm the economy, presidential candidates tend to support them. Why? Iowa. Which early voting states receive more federal dollars after a primary election? Probably not New Hampshire....

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    The Crawler

    Jun 1, 11 • 120 Views • Businesses, Demand, Supply, and Markets, Economic History, Government, Innovation, Macroeconomic MeasurementNo Comments

    The fuel economy window sticker for this vehicle would say 1 gallon per 32 feet. Called the crawler, it travels on a roadway 3.5 miles long, could carry 18 million pounds, and moves no faster than 2 mph. The crawler takes the space shuttle to its launchpad....