In this article, Ak type1 new endogenous growth models have been studied and tested using international data covering 68 countries. This type models, that have been developed by P. Romer, R. Lucas, S. Rebelo, assert that Per capita physical capital investments are main determinants of the long-run growth of the economy. In contrast to basic neoclassical model, Ak type models bring “growth effect” notion. That is, physical capital investments generate positive externalities to whole economy and this positive externalities give rise to economy’s aggregate growth level in the long-run. Our econometric analaysis’ results show that Ak type models are not valid. That is, physical capital investments do not stimulate and cause Per capita GDP growth in the long-run.
