Kondratieff Cycle Theory
Who needs to talk about "cycles". It is obvious that what goes at large is ultimately determined by what is underneath. Markets (and individuals) with different rates of savings inevitably lead to net transfers of wealth. Many try to pacify the resulting inequality (unsuccessfully) by the issuance of credit. No matter how hard people try, the existence of net savers will, as a mathematical inevitability, require people to borrow money, whether or not that borrowing occurs at compounding interest.
The Kondratieff Cycle Theory assumes that somehow shifts in technology, labor, etc. changes in some respect with position on the "cycle". However, to make economic sense, an economic theory must explain where these fluctuations come from. To be more complete, it must recognize that fluctuations in the market arise principally from financial and accounting sources of information that encourage and discourage people to produce, consume, etc.
Thanks for the links rl. I’ve read a little bit about this but didn’t know that Kondratieff was sent to the Gulag and sentenced to death for an economic theory.