Kondratiev Wave

The Kondratiev Wave, proposed by economist Nikolai Kondratiev, refers to long-term economic cycles that last approximately 50 to 60 years. These cycles consist of periods of economic expansion, characterized by innovation and growth, followed by downturns or recession phases. The theory suggests that major technological advancements, such as the steam engine or the internet, drive these cycles, influencing productivity and economic health. In essence, the Kondratiev Wave highlights how economies can experience prolonged periods of ups and downs, shaped by transformative technologies and changes in consumer behavior.