Variety,growth and demand |
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Authors: | Pier Paolo Saviotti |
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Institution: | (1) INRA-SERD, Université Pierre Mendés-France, BP 47, 38040 Grenoble, Cédex 9, France (e-mail: saviotti@grenoble.inra.fr) , FR |
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Abstract: | A 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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Keywords: | : Demand – Critical income – Imitation – Uncertainty – Human capital |
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