Long Wave theory

Wikipedia: In economics, Kondratiev waves (also called supercycles, great surges,long waves, K-waves or the long economic cycle) are supposed cycle-like phenomena in the modern world economy.[1] It is stated that the period of a wave ranges from forty to sixty years, thecycles consist of alternating intervals between high sectoral growth and intervals of relatively slow growth.[2]

Nice summation of some of the criticism too, here.


Kondratiev or Long Wave theory views modern capitalist society as the product of a series of ‘waves’ of all-embracing technological and social change. Freeman and Louca (2001) survey this literature and develop a historical theory of these waves, while Kohler (2003, 2005) develops a dynamic model of the economics of a Kondatriev wave. In this literature, the automobile industry and the associated technologies and industries, especially the oil industry, are identified as one of these Kondatriev waves.


Blog at WordPress.com.

Up ↑

%d bloggers like this: