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

Author

Listed:
  • 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.

Suggested Citation

  • Lucas Bernard & Aleksandr V. Gevorkyan & Thomas I. Palley & Willi Semmler, 2014. "Time scales and mechanisms of economic cycles: a review of theories of long waves," Review of Keynesian Economics, Edward Elgar Publishing, vol. 2(1), pages 87-107, January.
  • Handle: RePEc:elg:rokejn:v:2:y:2014:i:1:p87-107
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    Citations

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    Cited by:

    1. Marco Gallegati & Mauro Gallegati & James B. Ramsey & Willi Semmler, 2017. "Long waves in prices: new evidence from wavelet analysis," Cliometrica, Springer;Cliometric Society (Association Francaise de Cliométrie), vol. 11(1), pages 127-151, January.
    2. Eduardo Rivera Vicencio, 2016. "Monetary Conformation of the Corporate Governmentality III Description of the Monetary System," Eurasian Journal of Economics and Finance, Eurasian Publications, vol. 4(2), pages 18-41.
    3. Johan Schot & Laur Kanger, 2016. "Deep Transitions: Emergence, Acceleration, Stabilization and Directionality," SPRU Working Paper Series 2016-15, SPRU - Science and Technology Policy Research, University of Sussex.
    4. repec:sgh:gosnar:y:2017:i:5:p:5-30 is not listed on IDEAS
    5. Leila E. Davis & Joao Paulo A. de Souza & Gonzalo Hernandez, 2017. "An empirical analysis of Minsky regimes in the US economy," UMASS Amherst Economics Working Papers 2017-08, University of Massachusetts Amherst, Department of Economics.
    6. Greg Hannsgen & Tai Young-Taft, 2015. "Inside Money in a Kaldor-Kalecki-Steindl Fiscal Policy Model: The Unit of Account, Inflation, Leverage, and Financial Fragility," Economics Working Paper Archive wp_839, Levy Economics Institute.
    7. Aleksandr V. Gevorkyan & Ingrid Harvold Kvangraven, 2016. "Assessing Recent Determinants of Borrowing Costs in Sub-Saharan Africa," Review of Development Economics, Wiley Blackwell, vol. 20(4), pages 721-738, November.
    8. repec:mje:mjejnl:v:13:y:2017:i:4:p:109-119 is not listed on IDEAS

    More about this item

    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;

    JEL classification:

    • B16 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Quantitative and Mathematical
    • B23 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Econometrics; Quantitative and Mathematical Studies
    • C65 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Miscellaneous Mathematical Tools
    • E20 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - General (includes Measurement and Data)
    • D90 - Microeconomics - - Micro-Based Behavioral Economics - - - General
    • G01 - Financial Economics - - General - - - Financial Crises
    • N20 - Economic History - - Financial Markets and Institutions - - - General, International, or Comparative

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