From time immemorial, conventional and age-old human occupations like agriculture remained the focal point of interest for Traditional Economy. This is perhaps the only economic theory, which has evolved historically in certain countries. However, all nations having Traditional Economy these days, are fast switching off to more contemporary concepts like Mixed Economy, Command Economy or Market Economy, to keep pace with the modern economic trends and happenings.
Irrespective of the old approaches of Traditional Economy, the concept is still prevalent in some under-developed South American nations like Papa New Guinea and Brazil, and in a handful of other African and Asian countries.
In fact, Traditional Economy can be called as the economy of the ingenious population of the world like the Pygmies belonging to the Congo region in Central Africa. As per a World Bank estimate, this type of economy is still prevalent among 400 million indigenous people across the world. So, it is not at all an extinct economic concept in present times.