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Long wave theory is not accepted by most academic economists. [4] [better source needed] Among economists who accept it, there is a lack of agreement about both the cause of the waves and the start and end years of particular waves. Among critics of the theory, the consensus is that it involves recognizing patterns that may not exist .
Cycles and long wave theory. Schumpeter was the most influential thinker to argue that long cycles are caused by innovation and are an incident of it. His treatise on ...
For long waves (λ ≫ h) with small Ursell number, U ≪ 32 π 2 / 3 ≈ 100, [3] linear wave theory is applicable. Otherwise (and most often) a non-linear theory for fairly long waves ( λ > 7 h ) [ 4 ] – like the Korteweg–de Vries equation or Boussinesq equations – has to be used.
Thomas Kuhn [10] described how a paradigm shift is a wholesale shift in the basic understanding of a scientific theory. Examples in science include the change of thought from miasma to germ theory as a cause of disease. Building on this work, Giovanni Dosi [11] developed the concept of 'technical paradigms' and 'technological trajectories'. In ...
The Recent Crisis under the Light of the Long Wave Theory, in Kondratieff Waves, Ed. by Grinin L., Devezas T., Korotayev A., pp. 138 – 175, Uchitel Publishing House, Volgograd, 2012. Near-term Indications and models of a singularity trend. In: The 21st century Singularity and global futures. A Big History perspective.
This book examines the causes of the Kondratiev Wave, identifying production, prices, war, innovation, investment and real wages as factors. It also identifies a longer 'hegemony cycle' of 150 years' duration. Goldstein returned to this subject in 2005 in a paper, "Predictive power of long wave theory, 1989-2004".
Modern application of Elliott wave theory posits that a Grand Supercycle wave five is completing in the 21st century and should be followed by a corrective price pattern of decline that will represent the largest economic recession since the 1700s. [3]
Notice the flat troughs and sharp crests, due to the wave nonlinearity. This case (drawn on scale) shows a wave with the wavelength equal to 39.1 m, the wave height is 1.8 m (i.e. the difference between crest and trough elevation), and the mean water depth is 5 m, while the gravitational acceleration is 9.81 m/s 2.