Kondratieff Wave, named after Russian economist Nikolai Kondratieff, refers to cycles, lasting about 40 to 60 years, experienced by capitalist economies. A Kondratieff Wave is a long-term economic cycle believed to be born out of technological innovation, which results in a long period of prosperity. Kondratieff Waves are relegated to a branch of economics called 'heterodox economics,' in that it does not conform to the widely accepted, orthodox theories espoused by economists.
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