Prof. Dr. Vladimer Papava,
Tbilisi State University, Georgia
ON THE THEORY OF TECHNOLOGICAL REGRESSION OF THE ECONOMY: NECROECONOMICS, ZOMBIE-ECONOMICS, RETROECONOMICS, AND SANCTIONOMICS
The theory of economic progress has been extensively developed by leading economists, including Joseph Schumpeter, Robert Solow, Robert Lucas, and Douglass North. By contrast, a systemic theory of economic regression remains in its formative stage. One important dimension of economic regression is technological decline within the economy.
The presentation examines four distinct theoretical approaches to the issue of technological regression: necroeconomy (as a legacy of the command economy), zombie-economy (as an outcome of financial crises), retroeconomy (coming from a global tendency toward the use of outdated technologies), and sanctionomy, reflecting constraints on access to advanced technologies under economic sanctions.
The presentation proposes an effective mechanism for overcoming necroeconomics, zombie-economics, and retroeconomics, grounded in a fundamental reform of bankruptcy legislation. In the case of sanctionomics, it assesses the effectiveness of economic sanctions, and demonstrates that the persistence of informal or illegal forms of globalization creates tangible opportunities to circumvent them.
