Innovation as a socio-economic category

This article examines the role and place of the innovation and the innovation process in the common structure of need satisfaction process. Considering the fact that the current development of needs, and consequently the markets, goes with dynamic progression, and the innovation is presented as a system product rather than intellectual activity embodied as a scientific and technological benefit. The article reveals the fundamental difference between the concepts of novelty introduction and innovation from the perspective of their impact on production, technical, economic and social relations in the society. Particular attention is paid to the interpretation of the innovation as a category with a specific value and a certain result.