What is the long wave cycle?
What is the long wave cycle?
Kondratieff Wave – also known as super-cycles, K-waves, surges, and long waves – refers to cycles, lasting about 40 to 60 years, experienced by capitalist economies.
What are the three major explanations for these long waves?
Among possible explanations to the long wave cycles Kondratieff mentions: a) changes in technology; b) wars and revolutions; c) appearance of new countries on the world map; and d) fluctuations in production of gold (Kondratieff 1935, 2002).
What were the four Kondratieff cycles?
Each Kondratieff cycle is hypothesised to have four seasons: Spring (boom), Summer (expansion), Autumn (stagnation) and Winter: “Economy in the throes of a debilitating depression that tears the social fabric of society, as the gulf between the dwindling number of “haves” and the expanding number of “have-nots” …
What is the meaning of Kondratieff cycle?
Kondratieff cycles are defined as regular variations in economic growth and price movements with a periodicity of 50–60 years. Although the balance of the evidence suggests that such regular cycles probably do not exist, this conclusion does not amount to a dismissal of the idea of long-term cyclicality.
What are short waves and long waves?
Everything that has a temperature gives off electromagnetic radiation (light). Shortwave radiation contains higher amounts of energy and longwave radiation contains a smaller amount of energy. Therefore, the sun gives off shortwave radiation, as it is extremely hot and has a lot of energy to give.
What is long wave innovation?
Long Waves: How Innovation Cycles Influence Growth Coined by economist Joseph Schumpeter in 1942, the theory of “creative destruction” suggests that business cycles operate under long waves of innovation. Specifically, as markets are disrupted, key clusters of industries have outsized effects on the economy.
What are Kondratieff long waves?
A Kondratiev Wave is a long-term economic cycle in commodity prices and other prices, believed to result from technological innovation, that produces a long period of prosperity alternating with economic decline. This theory was founded by Nikolai D.
What is the length of the Kondratiev cycle?
forty to sixty years
It is stated that the period of a wave ranges from forty to sixty years, the cycles consist of alternating intervals of high sectoral growth and intervals of relatively slow growth.
What is Juglar business cycle?
In business cycle: The Juglar cycle. The first authority to explore economic cycles as periodically recurring phenomena was the French physician and statistician Clément Juglar, who in 1860 identified cycles based on a periodicity of roughly 8 to 11 years.
What are long waves called?
Long waves, also called infragravity waves, have a wave period of 30 seconds to several minutes. Astronomical tides represent one important example of long waves. Long waves can occur in shallow water, such as the Chesapeake Bay. But long waves are not limited to what is normally considered shallow water.
What frequency is long wave?
They can occupy any frequency in the range 190–1750 kHz. In North America, they occupy 190–535 kHz. In ITU Region 1 the lower limit is 280 kHz.
What are the three waves of technology?
Now we are at a unique moment when three innovation waves are converging simultaneously. These innovation waves are generated by three technological advances: the internet, artificial intelligence (AI), and decentralized blockchain technology. The internet has made information “free”. AI is making expertise “free”.
Why are long wave cycles more controversial than short wave cycles?
On the other hand, long wave cycles are more controversial, involve different theoretical mechanisms, and are harder to verify empirically – in part because data is inevitably more limited owing to the reduced frequency of such cycles. Several different theories of the long wave exist.
What is a long wave frequency?
In contemporary usage, the term longwave is not defined precisely, and its intended meaning varies. It may be used for radio wavelengths longer than 1,000 m i.e. frequencies up to 300 kilohertz (kHz), including the International Telecommunications Union’s (ITU’s) low frequency (LF, 30–300 kHz) and very low frequency (VLF, 3–30 kHz) bands.
What is a long cycle perspective?
A long cycles perspective provides a middle ground between short cycle analysis and stages of development analysis. Such a perspective was substantially developed by Minsky in a paper co-authored with Piero Ferri (Ferri and Minsky 1992).
What are the basic cycle and the long cycle?
The process of erosion and transformation of thwarting institutions takes several basic cycles, creating a long phase cycle relative to the basic cycle. The basic cycle and long-cycle operate simultaneously so that the process of institutional erosion and transformation continues during each basic cycle.