Time scales and mechanisms of economic cycles: a review of theories of long waves
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; Keynesâ€“Kaldorâ€“Kalecki's demand and investment-oriented theories of cycles; and Minsky's financial instability hypothesis whereby capitalist economies show a genetic propensity to boomâ€“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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