"In an ingenious analysis of the potential impact of the differing age composition of immigrants and the native born populations, Neal and Uselding (1972) estimate the savings received by the United States through immigration from 1790 to 1913 relative to the costs that would have been incurred if all immigrants were replaced by children of the native born population (this counterfactual is posed by the “Walker hypothesis” that posits that native born fertility was depressed by the arrival of immigrants). Assuming these savings had been invested (not consumed by social reproduction), Neal and Uselding (1972: 87) conclude that immigration had contributed from 13 to 42 percent of the capital stock of the United States by 1912. Several analysts have noted that the large number of immigrants in the North in the 1860s provided the manpower surplus that allowed the Union to triumph in the Civil War (Gallman 1977: 31, Muller 1993: 78–79)."
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Immigration to the United States
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