Optimal growth, New technologies, Optimal patterns of development, F43, 011, 014, 033, 041,

The aim of this paper is to study the qualitative impact of short-run disequilibria on long-run positions. In this perspective, we refer to a classical framework. We underline that one-sector classical growth models only deal with perfectly adjusted situations (steady-state equilibria). Such models assume that short-run dynamics are neutral in the long run which means that the steady state is de®ned independently of the transient dynamics. In order to show that this situation is not always realized, we propose a modi®ed version of Kurz's growth model (``Technical change, growth and distribution: a steady-state approach to`unsteady' growth'', in Kurz H. D.: Capital Distribution and Effective Demand, Blackwell, Oxford, 1990, pp. 210±239) that integrates shortrun disequilibria. We obtain dynamics that exhibit a multiplicity of equilibria. Therefore, shortrun events can no longer be neglected, since they contribute to the emergence of the long-run equilibrium.

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