chapter  3
20 Pages

Long Waves

As it stands today, and throughout most of its development, wave theory has been held in ill repute by the economics profession. Yet, the idea that economic activity exhibits long-lived waves that are somewhat uniform in their duration has fascinated many and attracted the attention of most forecasters. These waves of economic activity are not easily discerned. Typically, the data must be massaged and then viewed with a generous eye to perceive the undulations.