The paper contains attempt to develop coherent theory of investor myopia, which takes place when agents do not take long-term outcomes of their activity into account. Investor myopia is treated as a concept which is complementary to liquidity preference: both can lead to underinvestment. But, at the same time, the former is more long-run phenomenon which is concerned with serious defects of institutional environment. The main practical conclusion is that the State is responsible for overcoming of investor myopia. This phenomenon can be considered as the key to many fundamental economic problems of developing and post-transitional economies.