So far, what I have argued is as follows.

• Continuous technological upgrading is the most important driving force for a country's long-term dynamic growth in modern times. By tapping into the advantage of backwardness, a developing country has the opportunity to upgrade technology rapidly and to catch up and converge with developed countries' per capita income levels.

• Ideas are the most vital determinants of whether a developing country will be able to achieve long-term dynamic growth. With the guidance of right ideas, a developing country will be able to exploit the advantage of backwardness, achieve dynamic growth and converge with developed countries. Historical evidence shows, however, that the ideas reflected in the prevailing social thought about how a developing country should develop its economy are not correct because the ideas mistakenly took the result of development – that is, possessing advanced industries in a country – as the cause of development in a country.

• The government is the most important institution in a developing country. The policies pursued by the government will shape the quality of other institutions and the incentive structure in the economy. Political leaders run the government. Therefore, it is necessary to understand their motivations and behaviour in order to understand the country's policies.