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This paper examines the ability of alternative classes of growth models to explain the historical experience of the U.S. economy. The potential returns to the U.S. from raising its investment rate in terms of both the level and growth rate of future output are then quantified. The long-run growth performance of the U.S. economy is found to be broadly consistent with the predictions of the neoclassical growth model. Endogenous growth models, which suggest a larger contribution of capital to growth and long-run effects of investment on the growth rate, do not seem to be supported by the data.

Aggregate Factor Income Distribution --- Aggregate Human Capital --- Aggregate Labor Productivity --- Capital income --- Capital productivity --- Economic theory & philosophy --- Economic Theory --- Economic theory --- Employment --- Income economics --- Intergenerational Income Distribution --- Intertemporal Choice and Growth: General --- Labor economics --- Labor Economics: General --- Labor --- Labour --- Macroeconomics --- Macroeconomics: Production --- National accounts --- Neoclassical school of economics --- Neoclassical theory --- Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Wicksellian) --- Production and Operations Management --- Production growth --- Production --- Unemployment --- Wages --- Working capital --- United States