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This paper investigates the relationship between international variation in economic welfare and investment in technology, human capital and physical capital. The aggregate, crosscountry approach is unique by way of its focus upon absolute (rather than proportional) changes in levels of GNP per capita and the influence of dynamic indicators of investment. For the sample of countries, considerable empirical support is obtained for the three main growth determinants advocated in new growth theories and extended technology gap models. The association between technology investment and economic welfare performance is consistent across the countries studied but is more pronounced for those with lower income. Population growth appears to constrain GNP per capita increases after controlling for the various investment measures. Although restricted by the aggregated nature of the study, some broad policy implications are discussed.