The Long Waves in Economic Life

 Originally published in 1926, Kondratieff's theory claims that the period of the wave ranges from forty to sixty years, and that the cycles consist of alternating intervals of high growth with slower growth. Unlike the short-term business cycle, the long wave of this theory is not accepted by current mainstream economics. In 1939, Joseph Schumpeter suggested naming the cycles "Kondratieff waves" in his honor and the term has stuck. The theory has had more influence with critics of the modern economic system than with its defenders, but remains relevant to this day.