Traditional economics is mostly found in non-developed countries which have a large rural population and use traditional ways of doing business. The geographical location of these countries is mostly in Africa, some parts of Asia, Middle East and South America.
The people of these countries have not developed the method of doing business and they are still using the method of the earlier generations; their farming and hunting is done the way it was done generations before. In these economies, gender disparity is prevalent and males and females are assigned different roles and tasks.
One of the aspects that is a bane for traditional economies is their non-adaptation of new technology. They just could not evolve themselves as the whole world is evolving and stuck in a certain time-frame. And that is the reason why they are considered as the third world countries.
The people of these countries have not developed the method of doing business and they are still using the method of the earlier generations; their farming and hunting is done the way it was done generations before. In these economies, gender disparity is prevalent and males and females are assigned different roles and tasks.
One of the aspects that is a bane for traditional economies is their non-adaptation of new technology. They just could not evolve themselves as the whole world is evolving and stuck in a certain time-frame. And that is the reason why they are considered as the third world countries.