Abstract
The paper revisits the old question, how much does investment contribute to economic growth? Building on recent work of Maurice Scott, it suggests that the analysis of growth, in developing as in the industrial countries, would benefit from a capital accumulation approach. In the following analysis, economic growth is related to three variables, all greatly influenced by the quality of economic policies: the rate of investment, the social rate of return to investment, and the investment-induced returns to labor.
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