How an Elevator Is Like a Traffic Light

Because of the wait time that they force us to sacrifice, elevators and traffic lights are somewhat similar.

How to Find Out What’s Trending

Knowing what we will want before we know, Starbucks and Nike hire firms that predict consumer trends so they can plan what to produce.

Why We Should Worry About U.S. Productivity Growth

Because productivity growth improves our standard of living, economists are trying to understand why the productivity growth rate is declining.

Innovation: Happy Birthday Moving Assembly Line!

Yesterday, the moving assembly line celebrated its 100th birthday. Before October 7, 1913, in one place, a car was built by teams of workers. The chassis took 12 hours to finish while magneto production required 15 minutes and 29 workers.…

Ford Déjà Vu

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,…

JPMorgan Chase and Financial Innovation

In Boca Raton, Florida, during the early 1990s, a group of JP Morgan bankers gathered for an “offsite” weekend. Have some fun, get some sun, do some brainstorming. They had hoped to create a new product. And they did. Their…

Creatively Destroying Pontiac

At some point, sooner or later, people get tired of black. During the 1920s, Henry Ford realized that the Model T, so very practical and affordable because it only came in black, needed some vitality. What forced him to recognize…