long wages

Named after Russian-born economist NIKOLAI KONDRATIEFF (1892-1938), Kondratieff cycles refers to trade cycle of long duration.

KONDRATIEFF studied American, British and French wholesale prices and interest rates from the 18th century, and found that the peaks and troughs in economic activity fell at regular intervals.

Joseph Schumpeter applied the term ‘Kondriatieff cycles’ to cycles of 50-60 years in duration. Harvard economists conducted similar work into British wheat prices from the 13th century and found cycles lasting 54 years.

Also see: business cyclesunspot theoryproduct life-cycle theoryacceleration principlefine tuningmultiplier-acceleratorpolitical business cycle

J J van Duijin, The Long Wave in Economic Life (London, 1983)

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