Well-being in the Context of Innovation Resistance

Abstract

In this article the major problem of innovation in providing economic and social wellbeing is defined. The main purpose of the paper is to develop the concept of innovation resistance. The innovation resistance is defined as an immanent property of the economic system to slow down its development under the influence of active and passive innovation resistance. The authors examine the peculiarities of innovation resistance and its influence on innovation-based economic system. Also the structure of economic system encompasses in terms of innovation resistance is determined. Entities of innovation resistance as elements of economic system have been identified. The role of institutions in providing the inertial performance or the development of economic entities is defined. The importance of overcoming innovation resistance as a key factor of improvement of social and economic wellbeing of society is emphasized. The concept of social order developed by Douglass C. North, John Joseph Wallis, and Barry R. Weingast is considered as a source of some insights in overcoming innovation resistance.