special issue: Variety, growth and demand
AbstractA dynamic model of demand compatible with a changing composition of the economic system is presented in this paper. Consumers are not expected to have completely formed preferences for radically new objects of consumption. Consumers adopt new goods or services ,created by innovation, only if three barriers are overcome: 1) a critical (minimum) level of income, 2) critical human capital, 3) critical fitness. However, even a new good or service with a fitness higher than that of pre-existing ones, will not be immediately adopted. Consumers'.limited knowledge will slow down the rate of adoption of any new good or service.
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Bibliographic InfoArticle provided by Springer in its journal Journal of Evolutionary Economics.
Volume (Year): 11 (2001)
Issue (Month): 1 ()
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Find related papers by JEL classification:
- D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory
- O31 - Economic Development, Technological Change, and Growth - - Technological Change; Research and Development; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
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- Witt, Ulrich, 2010.
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- Ulrich Witt, 2008. "Symbolic Consumption and the Social Construction of Product Characteristics," Papers on Economics and Evolution 2008-15, Max Planck Institute of Economics, Evolutionary Economics Group.
- Flacher, David & Gastaldo, Sylviane & Lorenzi, Jean-Hervé & Villemeur, Alain, 2010. "Structure de consommation, innovation et régimes de croissance," Economics Papers from University Paris Dauphine 123456789/5053, Paris Dauphine University.
- Krafft, Jackie, 2004. "Entry, exit and knowledge: evidence from a cluster in the info-communications industry," Research Policy, Elsevier, vol. 33(10), pages 1687-1706, December.
- Moshe Syrquin, 2007.
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- Syrquin, Moshe, 2010. "Kuznets and Pasinetti on the study of structural transformation: Never the Twain shall meet?," Structural Change and Economic Dynamics, Elsevier, vol. 21(4), pages 248-257, November.
- Holzl, Werner & Reinstaller, Andreas, 2007. "The impact of productivity and demand shocks on structural dynamics: Evidence from Austrian manufacturing," Structural Change and Economic Dynamics, Elsevier, vol. 18(2), pages 145-166, June.
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