Criticism of Long Cycles
Long wave theory is not accepted by most academic economists, but it is important for innovation-based, development, and evolutionary economics. Among economists who accept it, there has been no universal agreement about the start and the end years of particular waves. This points to a major criticism of the theory: that it amounts to seeing patterns in a mass of statistics that aren't really there. Moreover, there is a lack of agreement over the cause of this phenomenon.
Read more about this topic: Kondratiev Wave
Famous quotes containing the words criticism, long and/or cycles:
“Unless criticism refuses to take itself quite so seriously or at least to permit its readers not to, it will inevitably continue to reflect the finicky canons of the genteel tradition and the depressing pieties of the Culture Religion of Modernism.”
—Leslie Fiedler (b. 1917)
“If there is a species which is more maltreated than children, then it must be their toys, which they handle in an incredibly off-hand manner.... Toys are thus the end point in that long chain in which all the conditions of despotic high-handedness are in play which enchain beings one to another, from one species to another—cruel divinities to their sacrificial victims, from masters to slaves, from adults to children, and from children to their objects.”
—Jean Baudrillard (b. 1929)
“The stars which shone over Babylon and the stable in Bethlehem still shine as brightly over the Empire State Building and your front yard today. They perform their cycles with the same mathematical precision, and they will continue to affect each thing on earth, including man, as long as the earth exists.”
—Linda Goodman (b. 1929)