Abstract
The input factor effects in terms of physical capital investment, private sector investment, human capital investment, government intervention and institutions are compared between Turkey and South Korea. Turkey is picked a representative country which had higher GDP per capita in the early 1960s and is behind from S. Korea since 1990s. The paper argues that the year that South Korea passes Turkey is not based on the output (income per capita) but the inputs (production factors). Thus, the short run successful result creates shortsighted without the long term vision. The estimated results show that South Korea passes Turkey in terms of physical capital in 1962 the private sector investment in 1974, the human capital in 1971, the macro economic stability in 1978 and insitutional level in 1997 however income per capita in 1991. The consistent input investment leads under right insititutions to high output eventually.
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