Journal of Economic Surveys, July 2003, 17(3), 497-510.
This paper draws attention to some possible misunderstandings concerning the place of long-run outcomes in growth theory. It argues that the traditional emphasis on these outcomes is often misguided. As a result of this emphasis, too much attention is paid to the role of knife-edge assumptions, and researchers may be led to interpretations of the evidence, or models of the growth process, that are not wholly sensible.