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:
“The visual is sorely undervalued in modern scholarship. Art history has attained only a fraction of the conceptual sophistication of literary criticism.... Drunk with self-love, criticism has hugely overestimated the centrality of language to western culture. It has failed to see the electrifying sign language of images.”
—Camille Paglia (b. 1947)
“Today brings the sad, glad tidings that Mrs. Abraham Lincoln has passed from that darkness which had fallen upon her path through this life, out into the light and joy of that life toward which her vision has so long been strained.
Modern education is lethal to children.... We stuff them with mathematics, we pummel them with science, and we use them up before their time.”
—Honoré De Balzac (1799–1850)
“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)