<p>We study an intertemporal economy with privately owned production in which technology and initial endowments evolve continuously over time. Firms maximize profits while accounting for technological change, and consumers—who are the owners of firms—maximize intertemporal utility, taking into account that both the value of their endowments and the income derived from firm ownership change continuously over time. We characterize an intertemporal Walrasian equilibrium as a system of prices and associated production and consumption plans that are optimal over the entire planning horizon. Although fundamentals evolve smoothly, we show that intertemporal equilibrium prices and allocations need not continuously vary. As a consequence, equilibrium trajectories may display abrupt adjustments and temporary imbalances relative to the static Walrasian equilibria evaluated at each instant. These discontinuities provide an endogenous mechanism for the emergence of economic crises within an intertemporal general equilibrium framework, even in the absence of irrational behavior or exogenous shocks.</p>