Kondratief cycle

Kondratief cycle

or

long-wave cycle

a theoretical long-term cycle ranging from boom to recession over a period of fifty years or so upon which shorter-term BUSINESS CYCLES are superimposed. Based upon statistical observations by Kondratief, explanations for these long waves in economic activity usually rely upon a ‘bunching’ of significant INNOVATIONS like petrol engines, the motor car, etc., which give an impetus to economic activity for several decades before their impact wanes.
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Atkinson views the Great Depression as the consequence of the exhaustion of one of these technological Kondratief cycles.