The Long Wave Cycle.
Translated by Guy Daniels. Introduction by Julian M. Snyder.New York: Richardson and Snyder, 1984 Stock Code: 146584
First complete edition in English, first printing, of Kondratiev's seminal thesis of long wave cycles, often referred to as the "Kondratiev wave", arguing that economic cycles are marked by forty to sixty year periods of alternating growth and decline, a thesis still of enduring influence in economic science, even if rejected by many economists.
Kondratiev published several papers on the long wave cycle from 1922 to 1928. The core work was his 1925 article in the journal Vosprosy Konyunktury. In 1926 a German translation was published in the journal Archiv für Sozialwissenschaft und Sozialpolitik, and in 1935 an abridged English translation from the German by W. F. Stolper was published the Review of Economic Statistics. This is the first complete translation in English, and the first translation from the original Russian, based on the 1925 thesis and incorporating his other writings. The charts are redrawn after the Russian originals, and the statistical tables are included in their entirety.
In the thesis, the half-century cycles see a decade of depression, thirty years of technical innovation, and ten years of economic uncertainty as the growth forces subside, and depression then renews. "The idea that economic growth under capitalism is subject to periodic cycles much longer than those of the ordinary business cycle was not original: it had been conjectured by Aftalion and Spiethoff and had been discussed among Dutch and German Marxists before the First World War. Nevertheless, Kondratiev marshalled better evidence for the existence of long waves than any of these earlier writers" (Blaug, Great Economists before Keynes, p. 113).
Octavo. Original black cloth, spine lettered in silver, black endpapers. With dust jacket.
Graphs and tables in text.
A fine copy, in good jacket, some chipping and creasing at extremities.
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