Long Wave Theory

Long Wave Theory, developed by Nikolai Kondratiev, suggests that economic activity, innovation, and technological progress tend to follow long-term cycles lasting about 50 to 60 years. These cycles include periods of rapid growth, prosperity, and innovation, followed by slower growth, stagnation, or recession. The theory posits that these patterns are driven by major technological breakthroughs and shifts in investment, influencing societal and economic development over several decades. Essentially, Long Wave Theory offers a framework to understand how global economies experience protracted periods of boom and slowdown linked to technological and structural changes.