Nikolai Kondratiev

Nikolai Kondratiev was a Russian economist who identified long-term economic cycles, known as "Kondratiev waves," that last approximately 40 to 60 years. These cycles reflect periods of economic growth, followed by stagnation or decline, driven by innovations, technological changes, and shifts in investment. Kondratiev believed understanding these waves could help predict economic trends and inform policies. His work highlighted that economies naturally go through these long-term patterns, influenced by technological and industrial revolutions, rather than being purely random or short-term fluctuations.