Definition
In economics, Kondratiev waves are hypothesized cycle-like phenomena in the modern world economy.
Kondratiev Wave
What is ‘Kondratiev Wave’
An economic theory created by Soviet economist Nikolai Kondratiev that states that Western capitalist economies are susceptible to high performance volatility.
Also known as “Kondratiev cycle”.
Explaining ‘Kondratiev Wave’
Kondratiev called these large performance fluctuations “super-cycles,” which last 50-60 years. Kondratiev claimed to have predicted in the 1920s the stock market crash of 1929, also known as Black Thursday. His prediction was based on the market crash of 1870.
Further Reading
- Modern trends of financial sector development under the virtual regionalization conditions – fkd.org.ua [PDF]
- On the mathematic prediction of economic and social crises: Toward a harmonic interpretation of the Kondratiev Wave – mpra.ub.uni-muenchen.de [PDF]
- The renewable energies technology surge: A new techno-economic paradigm in the making? – www.sciencedirect.com [PDF]
- Technological innovation and long waves – www.jstor.org [PDF]
