Kondratieff Wave

Kondratieff Wave

An economic theory of the Soviet economist Kondratieff stating that the economies of the western world are susceptible to major up-and-down "supercycles" lasting 50 to 60 years.

Kondratiev Wave

A theory stating that capitalist economies go through phases much longer than ordinary business cycles. That is, capitalist economies have cycles of 45-60 years, where they perform alternately well and then poorly. The cycle then starts over. For example, the Second Industrial Revolution lasted from approximately 1850 to 1900; the global economy performed well in the first half of the cycle and was characterized by depression in the second half. Kondratiev wave theory was proposed by a Soviet economist and is more popular in Marxist circles than outside of them. See also: Kremlinomics.
References in periodicals archive ?
The Age of Apple, the upswing period from the 1980s on of what economists call the fifth "Kondratieff wave", associated with the rise of the personal computer, mobile telecommunications and the Internet, was able to absorb young graduates as knowledge workers in the new economy.
According to Kondratieff wave theory, the last Kondratieff winter ended with the stock market low of 1949.
If businesses are mindful that a fulfillment is a multiway street between employer, employees, and customers, they will personalize their relationship in this age of computers, brick-and-mortar, e-commerce, and the numerous regulations blending new and old industries in a "Kondratieff wave" for new innovations in the traditional business cycles.
I wonder if there is a moral kondratieff wave soon to wash over us for our sins of omission, sweeping away our authority and prestige, if not our wealth.
Schumpeter's magnum opus on Business Cycles (1939) was concerned with the two- to three-year Kitchin inventory cycle, the ten-year Juglar trade cycle, and the fifty- to sixty-year Kondratieff wave. Postwar scholars devoted much attention to the newly discovered Kuznets swing of approximately twenty years' duration and showed little faith or interest in the Kondratieff wave; but the end of the long postwar boom seems to have generated something of a Kondratieff revival, at least on the fringes of the discipline.
Considering in turn topical syntheses and case studies, they discuss such aspects as Mexico City, Merida, and the world: Kondratieff waves on the periphery; agrarian ecology and historical contingency in landscape change; material culture, status, and identity in post-independence Central Mexico: urban and rural dimensions; cross-cultural interactions and Lacandon ethnogenesis in the Southern Maya Lowland frontier AD 1400 to the present; and the underlying aim of historical archaeology.
A spectral analysis of world GDP dynamics: Kondratieff waves, Kuznets swings, Juglar and Kitchin cycles in global economic development, and the 2008-2009 economic crisis.
The central bank's dilemma, the inflation-deflation paradox and a new interpretation of the Kondratieff waves
Other categories that come to mind are the Kondratieff waves and shorter periodic fluctuations as described by Juglar and Kitchen.
The theory and empirical evidence behind Kondratieff waves of economic activity punctuated by bursts of clusters of technological innovation at a generic level is outlined and fruitfully discussed.
Goldstein's dates, for much of the period under study, are closest to the economic cycles known as Kondratieff waves. Modelski (1987) notes that the duration of one leadership cycle corresponds roughly to two Kondratieff waves.