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INNOVATION: The introduction and dissemination of a new idea, product, or technological process throughout society and the economy. The innovation process should be contrasted with the act of invention, which is the creation of something new, but not the dissemination. Innovations are often though of as applying to physical products and technology. However, it applies to all aspects of society and the economy--physical, tangible, ideological, cultural, and social. Innovation often leads to the widespread use of new products (such as computers and DVD players), but it also creates new cultural, social, and economic institutions (such as government agencies, forms of business organizations, and social trends). Innovations are consider to be a primary source of economic growth.
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ASYMMETRIC INFORMATION Information is not equally available to everyone. Asymmetric information results because efficient information search inevitably stops short of compete information. Some people obtain more benefits from information than others, are willing to incur higher search costs, and thus end up knowing more. Or they incur lower information search costs and have easier access to the information. In a market, sellers tend to have more information about the good than buyers. Asymmetric information gives rise to adverse selection, moral hazard, and the principal-agent problem. These problems can be lessened through signalling and screening.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time browsing through a long list of dot com websites wanting to buy either a really, really exciting, action-filled video game or a coffee cup commemorating the moon landing. Be on the lookout for rusty deck screws.
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This isn't me! What am I?
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Al Capone's business card said he was a used furniture dealer.
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"Every man must decide whether he will walk in the light of creative altruism or in the darkness of destructive selfishness." -- Martin Luther King, Jr., clergyman
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PDI
Personal Disposable Income
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