Theorists have employed two conflicting approaches in order to understand the economic concept of innovation: the classical theory of static equilibrium where innovation is interpreted as being exogenous to the economic system, and the dynamic equilibrium theory of endogenous technological change. Despite progress in studies and inquiries on the second model, research in and teaching of economics remain dominated by the first approach. This review discusses the differences between science, technology and innovation and implications of dynamic equilibrium theory in understanding the economy and wealth creation processes.El concepto económico de la innovación ha sido tratado desde dos enfoques antagónicos: el de la teoría clásica del equilibrio estático donde la innovación es interpretada como un elemento exógeno al sistema económico, y el de la teoría del equilibrio dinámico del cambio tecnológico endógeno. A pesar del avance en los estudios del segundo modelo, la investigación y la enseñanza de la economía continúa siendo dominada por el primer enfoque. En la presente revisión se discute las diferencias entre ciencia, tecnología e innovación, y las implicaciones de la teoría del equilibrio dinámico para entender la economía y los procesos de creación de riqueza.Theorists have employed two conflicting approaches in order to understand the economic concept of innovation: the classical theory of static equilibrium where innovation is interpreted as being exogenous to the economic system, and the dynamic equilibrium theory of endogenous technological change. Despite progress in studies and inquiries on the second model, research in and teaching of economics remain dominated by the first approach. This review discusses the differences between science, technology and innovation and implications of dynamic equilibrium theory in understanding the economy and wealth creation processes.