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| Author: | Fatas-Villafranca, F. Saura-Bacaicoa, D. |
| Title: | Understanding the demand-side of economic change: a contribution to formal evolutionary theorizing |
| Journal: | Economics of innovation and new technology
2004 : DEC, VOL. 13:8, p. 695-716 |
| Index terms: | Consumption Innovation Growth Theories Models |
| Language: | eng |
| Abstract: | During the last few centuries, the ongoing emergence of new consumption alternatives is an outstanding fact of capitalist change, accompanying income and productivity growth in expanding economies. However, little attention has been paid by modern growth theorists to the understanding of demand-side phenomena. This article shows that as soon as we start drawing the demand-side contour of economic change, new phenomena appear enriching our understanding of economic growth and structural change. By using 'replicator dynamics' systems, consumption dynamics are formally linked to the ongoing generation of innovations in capitalist economies. Certain emergent properties concerning economic growth and structural change and several policy implications follow. |
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