The underlying idea is closely linked to organic composition of capital. In 1939, Joseph Schumpeter suggested naming the cycles "Kondratieff waves" in his honor. The Soviet economist Nikolai Kondratiev (also written Kondratieff or Kondratyev) was the first to bring these observations to international attention in his book The Major Economic Cycles (1925) alongside other works written in the same decade.
Among critics of the theory, the consensus is that it involves recognizing patterns that may not exist ( apophenia). Among economists who accept it, there is a lack of agreement about both the cause of the waves and the start and end years of particular waves. Long wave theory is not accepted by most academic economists. It is stated that the period of a wave ranges from forty to sixty years, the cycles consist of alternating intervals of high sectoral growth and intervals of relatively slow growth. The phenomenon is closely connected with the technology life cycle. In economics, Kondratiev waves (also called supercycles, great surges, long waves, K-waves or the long economic cycle) are hypothesized cycle-like phenomena in the modern world economy. A rough schematic drawing showing growth cycles in the world economy over time according to the Kondratiev theory
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