Ask HN: Does new product Innovations generate demand?

The world is churning out countless products be it tech, non-tech some innovative and some pseudo innovative. Most don't survive and some do. In a way products are responsible for serving a need. However, I would ask does it really generate a significant demand, so much so that economy of a nation improves? Or is it going to be bubble that will burst one day or there is going to consolidation and only few will dominate. Thus these consolidation have ability to control demand for their profits and affecting the very function of economy?

What your opinion?