Chapter 11. The Contribution of Schumpeter to the Theory of Technology Evolution. Exceerpt from forthcoming book, The Theory of Technology Evolution

Under monopoly capitalism, the direction and creation of technology is controlled by a small set of corporations, and investment in technology evolution is politically controlled and manipulated event that displaces the free competitive market environment.Schumpeter's essential point, as it relates to economic evolution, however, was that product technology evolves as a process of disequilibrium, not equilibrium, and that the evolution itself is also an auto-correlative cause of further disequilibrium. Schumpeter is the first great economist who explained that capitalism can only be understood as an evolutionary process of continuous innovation and creative destruction.The theory of technology evolution explained in this book places Schumpeter's work into the biological evolutionary metaphor