Abstract:

An evolutionary theory of economic change states that technological progress generated by processes of innovation is the most important determinant of economic wealth. The search for factors that enhance or impede the generation and spread of innovations is a central theme of modern evolutionary economics. For a long time, this theory has ignored the role of the demand side in innovative processes. However, consumers play key roles in the perception and acceptance of innovations because buyers' reactions to a firm's marketing strategy have a great impact on the firm's success. So there is specific consumer innovativeness as a generalized personality trait based on their preference relations. Hence the main aim of this paper is to give a new theoretical account of the innovative processes in a demand sphere of the economy and demonstrate that the activity of consumers is a co-engine of the innovative evolution of the whole economy.