Editing Kondratiev wave (section)

=== Debt deflation ===
{{main article|Debt deflation}}
Debt deflation is a theory of [[economic cycle]]s which holds that recessions and [[depression (economics)|depressions]] are due to the overall level of debt shrinking (deflating). Hence, the [[credit cycle]] is the cause of the economic cycle.

The theory was developed by [[Irving Fisher]] following the [[Wall Street Crash of 1929]] and the ensuing [[Great Depression]]. Debt deflation was largely ignored in favor of the ideas of [[John Maynard Keynes]] in [[Keynesian economics]], but it has enjoyed a resurgence of interest since the 1980s, both in [[mainstream economics]] and in the [[heterodox economics|heterodox]] school of [[post-Keynesian economics]] and has subsequently been developed by such post-Keynesian economists as [[Hyman Minsky]]<ref>{{cite journal |first=Hyman |last=Minsky |title=The Financial Instability Hypothesis |year=1992 |journal=Jerome Levy Economics Institute Working Paper No. 74 |ssrn=161024 }}</ref> and [[Steve Keen]].<ref>{{cite journal |first=Steve |last=Keen |year=1995 |title=Finance and Economic Breakdown: Modelling Minsky's Financial Instability Hypothesis |journal=Journal of Post Keynesian Economics |volume=17 |issue=4 |pages=607–635 |doi= 10.1080/01603477.1995.11490053}}</ref>