A rationale for law of technological substitution

This paper links the popular S-shaped curves often used to represent the path of technological substitution with the evolutionary model of a self-organizing industrial system. In particular, the empirical Fisher-Pry law of technological substitution is given a conceptual rationale by treating technological innovations as structural fluctuations which affect an industry's growth path as defined by a set of non-linear differential equations. In so doing, the paper draws heavily on the articles by Allen and Batten.