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:
“... criticism ... makes very little dent upon me, unless I think there is some real justification and something should be done.”
—Eleanor Roosevelt (1884–1962)
“My long two-pointed ladder’s sticking through a tree
Toward heaven still,
And there’s a barrel that I didn’t fill
Beside it, and there may be two or three
Apples I didn’t pick upon some bough.
But I am done with apple-picking now.”
—Robert Frost (1874–1963)
“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)