There are two conflicting views of technology development. Neoclassical growth
theories consider technology progress as a smooth trajectory with perfect foresight,
which can be described by log-linear models in the form of Cobb-Douglas function
(Solow 1957; Romer 1986; Aghion and Howitt 1998; Dasgupta 2010; Kurz 2012).
Economic historians recognize wavelike patterns and revolutionary changes in industrial
economies (Schumpeter 1939; Toffler 1980; Ayres 1989; Rostow 1990). We
will develop the second approach in this article by introducing nonlinear population
dynamics into market-share competition.