A generic lifecycle of products. In industry, product lifecycle management (PLM) is the process of managing the entire lifecycle of a product from inception, through engineering design and manufacture, to service and disposal of manufactured products.
Creative destruction refers to the incessant product and process innovation. mechanism by which new production units replace outdated ones. This. restructuring process permeates major aspects of macroeconomic performance, not only long-run growth but also economic fluctuations, structural adjustment. and the functioning of factor markets.
Joseph Schumpeter (1883â1950) coined the seemingly paradoxical term âcreative destruction,â and generations of economists have adopted it as a shorthand description of the free market âs messy way of delivering progress. In Capitalism, Socialism, and Democracy (1942), the Austrian economist wrote: