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Time scales and mechanisms of economic cycles: a review of theories of long waves

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Author Info

  • Lucas Bernard

    (CUNY)

  • Aleksandr V. Gevorkyan

    (St. John's University, New York)

  • Thomas I. Palley

    (AFL-CIO)

  • Willi Semmler

    (NSSR)

Abstract

This paper explores long wave theory, including Kondratieff's theory of cycles in production and relative prices; Kuznets's theory of cycles arising from infrastructure investments; Schumpeter's theory of cycles due to waves of technological innovation; Goodwin's theory of cyclical growth based on employment and wage share dynamics; Keynes–Kaldor–Kalecki's demand and investment-oriented theories of cycles; and Minsky's financial instability hypothesis whereby capitalist economies show a genetic propensity to boom–bust cycles. This literature has been out of favor for many years but recent developments suggest a re-examination is warranted and timely.

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Bibliographic Info

Article provided by Edward Elgar in its journal Review of Keynesian Economics.

Volume (Year): 2 (2014)
Issue (Month): 1 (January)
Pages: 87-107

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Handle: RePEc:elg:rokejn:v:2:y:2014:i:1:p87-107

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Web page: http://www.elgaronline.com/roke

Related research

Keywords: cycles; production cycles; infrastructure cycles; accelerator-multiplier mechanism; innovation cycles; financial crisis; booms and busts; Goodwin; Kalecki; Minsky; asset price-leveraging cycles; Kaldor; Kuznets; Kondratieff;

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