The basic idea of the paper is to apply a multi-attribute notion of diversityproposed by Nehring and Puppe to technological changes appearing as aconsequence of innovations in Schumpeter’s sense of the term in the productionsphere of the economy modelled by the use of the Arrow and Debreu topologicalapparatus. The paper is inspired by the work of Malawski and Woerter whoused Stirling diversity concept to prove that innovative processes are the sourceof growing diversity in the Schumpeterian vision of economic development. Weshow that, under certain conditions, nondecreasing multi-attribute diversity inthe production sphere of the private ownership economy is a necessary andsufficient condition for the occurrence of innovation in the economy under study.