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 mechanism by which new production units replace outdated ones.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.
Critics such as Richard D. Wolff and environmental groups also state that capitalism is destructive of resources both natural and human, as well as disruptive to economic stability, though this is actually considered a plus in the creative destruction facet of Joseph Schumpeter's economic theories.