There is a literature that studies how the past might weigh on the present when a multiple equilibrium model is embedded in real time (see, e.g., Adser`a and Ray (1998) and Frankel and Pauzner (2000)). When we have a better knowledge of such models we will be able to make more sense of some classical issues, such as the debate on balanced versus unbalanced growth. Rosenstein-Rodan argued that a “big push” — a large, balanced infusion of funds —is ideal for catapulting an economy away from a low-level equilibrium trap. Hirschman argued, in contrast, that certain “leading sectors” should be given all the attention, the resulting imbalance in the economy provoking salubrious cycles of private investment in the complementary sectors. To my knowledge, we still lack good theories to examine such debates in a satisfactory way.