Author : Nikolai D. Kondratieff
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Genre : Business & Economics
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The Long Waves in Economic Life - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook The Long Waves in Economic Life write by Nikolai D. Kondratieff. This book was released on . The Long Waves in Economic Life available in PDF, EPUB and Kindle. THE idea that the dynamics of economic life in the capitalistic social order is not of a simple and linear but rather of a complex and cyclical character is nowadays generally recognized. Science, however, has fallen far short of clarifying the nature and the types of these cyclical, wave-like movements. When in economics we speak of cycles, we generally mean seven to eleven year business cycles. But these seven to eleven year movements are obviously not the only type of economic cycles. The dynamics of economic life is in reality more complicated. In addition to the above-mentioned cycles, which we shall agree to call “intermediate,” the existence of still shorter waves of about three and one-half years’ length has recently been shown to be probable. But that is not all. There is, indeed, reason to assume the existence of long waves of an average length of about 50 years in the capitalistic economy, a fact which still further complicates the problem of economic dynamics.