Rola kredytu konsumpcyjnego w rozwoju innowacyjnym – ujęcie aksjomatyczne

In "The Theory of Economic Development" J. Schumpeter described economic development defined in relation to three factors: its causes (innovations) – actors (entrepreneurs), and financial means (credit). Consumers play a passive role in this process and can be characterised by routine behaviours, so that only changes in their activities are secondary to respective changes in a production system. The lack of an active role of consumers in the process of economic development was reflected in formal depictions of the neo-Schumpeterian theory of economic development. At the same time, contemporary literature on economic evolution more and more frequently raises the question of active participation of the demand side in this process. In this context, the aim of the paper is to modify the Arrow-Debreu model of a private ownership economy, taking into consideration the existence of consumer credit. Doing so will enable us to study the relationship between the height of consumer credit and the quality of innovative changes.