long-wave theory

the identification of long-term cycles of economic boom and slump in which the upturn in the cycle is caused by major technical innovations. The idea was first developed in the 1920s by the Soviet economist Kondratieff, who identified cycles of boom and recession totalling about fifty years which coincided with innovations such as cotton spinning in the 18th century and assembly-line mass production post-World War II. The theory has been taken up in the debate about innovations using microelectronics, seen as leading to movement out of the slump associated with the fourth KONDRATIEFF CYCLE in the 1980s (Freeman, 1982). See also SCHUMPETER.

Collins Dictionary of Sociology, 3rd ed. © HarperCollins Publishers 2000

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References in periodicals archive

Despite these strengths in style, the method and arguments fail to convince this reader of the validity of his long-wave theory of economic and political behavior.

In this exposition on long-wave theory, as with previous long wave theory presentations, the argument relies on the use of smoothed data to show the long term trends.

The difficulties in the use of chaos theory, though, do not invalidate the body of his presentation because Professor Berry's use of chaos theory fails to enhance or clarify his long-wave theory. The only role of chaos theory is to avoid Slutzky's critique, which it fails to do.

Long-Wave Rhythms in Economic Development and Political Behavior

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