A theory of economic innovation identified by Joseph Schumpeter, which describes the "process of industrial mutation that incessantly revolutionizes the economic structure from within, incessantly destroying the old one, incessantly creating a new one" i.e. new technology replaces old processes, similtaneously creating and destroying jobs and markets.
Below is an illustration of what creative innovation and invention leads to but also how it can offet these effects by destroying some exisintg markets and jobs that go with it. A modern example of this is the Uber taxi service putting pressure on traditional taxi service companies in the largest cities in the world.
