On retroeconomy

V. Papava ()

Voprosy Ekonomiki, 2017, issue 10

Abstract: This paper analyzes the problem of technological backwardness of economy. In many mostly developing countries their economies use obsolete technologies. This can create the illusion that this or that business is prosperous. At the level of international competition, however, it is obvious that these types of firms do not have any chance for success. Retroeconomics as a theory of technological backwardness and its detrimental effect upon a country’s economy is considered in the paper. The role of the government is very important for overcoming the effects of retroeconomy. The phenomenon of retroeconomy is already quite deep-rooted throughout the world and it is essential to consolidate the attention of economists and politicians on this threat.

Date: 2017
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Persistent link: https://EconPapers.repec.org/RePEc:nos:voprec:y:2017:id:355

DOI: 10.32609/0042-8736-2017-10-148-159

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