Traditional Economy:can we return to traditional economy for our economic development?

traditional economy practiced early in historical epoch with the following characteristics,

1.centers on families, clans, or tribes

2.decisions are based on customs and beliefs

3.Good of the group always comes before individual desires

advantage of this traditional economy is that there are little disagreement over goals, roles,–methods of production, distribution determined by custom

Disadvantages includes, as result of resistance to change, less productive, do not use new methods; people not in jobs they are best suited for

low productivity results in low standard of living.