Long Waves

Long Waves, often referred to as Kondratiev waves, are broad economic cycles that last approximately 40 to 60 years. They represent significant shifts in economic and societal trends, typically involving phases of growth and decline. These waves are driven by innovations, technological advancements, and changes in consumer behavior. Each wave marks a period of prosperity followed by a downturn, affecting industries, employment, and overall economic conditions. Understanding long waves helps economists and policymakers anticipate major transitions in the economy and adapt to the evolving landscape.