The equilibrium models of neoclassical economics fail to account adequately for one of the most striking facts of capitalism, its unprecedented technological dynamism. Extrapolating from Schumpeter's notion of `creative destruction', contemporary neo-Schumpeterian economists have formulated a devastating critique of the neoclassical theory of technological change.2 Their position can be provisionally defined in terms of the following six theses:technological change is endogenous to capitalism;science tends to become increasingly central to production;`learning by doing' is of fundamental importance in the innovation process;technological change cannot be adequately comprehended in abstraction from the institutional context in which it occurs, including the organizational structures of firms and the technology policies of states;capitalism is characterized by radical uncertainty and disequilibrium tendencies due to technological change; anddifferent technologies and forms of social organization play leading roles in different periods of capitalist development.3
CITATION STYLE
Smith, T. (2004). Technology and History in Capitalism: Marxian and Neo-Schumpeterian Perspectives. In The Constitution of Capital (pp. 217–242). Palgrave Macmillan UK. https://doi.org/10.1057/9781403938640_8
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