抄録
The originality of this paper is to build a theoretical framework of long term development process of an economy which identifies the characteristics of both low and high middle income economies, and indicates the problems of Asian countries in those two groups. For low middle income countries, there is room for input-driven growth so that the improvement of factor markets and thus the resource allocation is essential. For higher middle income countries, emphasis on the total factor productivity and quality of human resources is more important. The analysis also incorporates the long term changes in the comparative advantage of an economy and indicates the conditions for a country to escape the middle income trap.
