We investigate and interpret some of the properties of a
multi-sectoral growth model with endogenous embodied technical
change in the light of the ongoing debate on the viability of an IT
based growth regime. In particular. we illustrate the two main
views of the 1995-2000 IT boom in the USA. If it only comes from
productivity gains in the production of hardware and/or softwares,
and even though these gains are permanent, the story could be just
one of temporary massive capital deepening and no long term growth
effect. In contrast, if this boom relies on productivity gains in
R&D, there is room for a permanent IT growth regime associated with
a permanent accumulation of both hardware and software.