long cycles theory

Long cycles theory suggests that economies and societies experience repeating, multi-decade patterns of growth, decline, and transformation. These cycles, often lasting 40 to 80 years, are driven by structural factors like technological innovation, demographic shifts, and societal changes. For example, a long cycle might involve a period of rapid technological progress followed by stagnation, then renewal. Understanding these patterns helps analyze historical economic trends and anticipate future shifts, highlighting that societal progress often occurs in extended, cyclical waves rather than linear trajectories.