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How fast do polynomials grow on semialgebraic sets?

We study the growth of polynomials on semialgebraic sets. For this purpose we associate a graded algebra to the set, and address all kinds of questions about finite generation. We show that for a certain class of sets, the algebra is finitely generated. This implies that the total degree of a polynomial determines its growth on the set, at least modulo bounded polynomials. We however also provide several counterexamples, where there is no connection between total degree and growth. In the plane, we give a complete answer to our questions for certain simple sets, and we provide a systematic construction for examples and counterexamples. Some of our counterexamples are of particular interest for the study of moment problems, since none of the existing methods seems to be able to decide the problem there. We finally also provide new three-dimensional sets, for which the algebra of bounded polynomials is not finitely generated.