Innovation Patterns in Crisis and Prosperity: Schumpeter’s Long Cycle Reconsidered

Name: Innovation Patterns in Crisis and Prosperity: Schumpeter’s Long Cycle Reconsidered
Brand: Palgrave Macmillan UK
SKU: 9781349185610
Price: 152.99 USD
Availability: InStock

Kleinknecht, A.

With the economic problems facing Western economics during the last decade, theories about an alleged forty-five to sixty years' pulsation in economic life (the Kondratieff-Schumpeter cycle) have experienced a remarkable renaissance. Based on a new econometric test method, the author argues that long waves can be identified not only in price series but also in the aggregate output of a number of key industrialized countries. The author's own research corroborates Schumpeter's hypothesis that, far from being caused by a flash of genius, radical innovations occur in clusters, interacting with economic fluctuations and social change.