Editing Kondratiev wave (section)

=== Technological innovation theory ===
According to the innovation theory, these waves arise from the bunching of basic [[Diffusion of innovations#|innovations]] that launch [[technological revolution]]s that in turn create leading industrial or [[Commerce|commercial]] sectors. Kondratiev's ideas were taken up by [[Joseph Schumpeter]] in the 1930s. The theory hypothesized the existence of very long-run [[macroeconomic]] and price cycles, originally estimated to last 50–54 years.

In recent decades there has been considerable progress in historical economics and the history of technology, and numerous investigations of the relationship between technological innovation and economic cycles. Some of the works involving long cycle research and technology include Mensch (1979), [[Andrew Tylecote|Tylecote]] (1991), the International Institute for Applied Systems Analysis (IIASA) (Marchetti, Ayres), [[Christopher Freeman|Freeman]] and Louçã (2001), [[Andrey Korotayev]]<ref>{{cite journal|doi=10.1016/j.techfore.2011.02.011|title=Kondratieff waves in global invention activity (1900–2008)|year=2011|last1=Korotayev|first1=Andrey|last2=Zinkina |first2=Julia|last3=Bogevolnov|first3=Justislav|journal=Technological Forecasting and Social Change|volume=78|issue=7|pages=1280|url=https://www.academia.edu/1514533}}</ref> and [[Carlota Perez]].

Perez (2002) places the phases on a [[logistic function|logistic]] or ''S'' curve, with the following labels: the beginning of a technological era as irruption, the ascent as frenzy, the rapid build out as synergy and the completion as maturity.<ref name="Perez2002">{{cite book |title= Technological Revolutions and Financial Capital: The Dynamics of Bubbles and Golden Ages
|last1=Perez
|first1= Carlota
|year=2002 |publisher= Edward Elgar Publishing Limited |location=UK  |isbn=978-1-84376-331-4  |url=https://archive.org/details/technologicalrev00carl|url-access= registration
}}</ref>