Long-Wave Rhythms in Economic Development and Political Behavior
Brian J.L. BerryISBN: 0801840368; 9780801840364;
Is economic development a "random walk" or do underlying rhythms and cycles make it possible to anticipate long-term trends? Many social scientists have rejected the notion of long-term periodicity in economic trends. Now, after extensive analysis of economic data, distinguished scholar Brian J. L. Berry has found new evidence for the reliability-- and the value-- of "long-wave" theory. In "Long-Wave Rhythms in Economic Development and Political Bahavior", Berry argues that the synchronization of longwaves and growth cycles is "more than a figment of some overactive imagination". Presenting his findings graphically, he argues that there is persuasive evidence of the existence of "deterministic chaos". Applying his analysis of rates of change to the economic phenomena of prices (Kondratiev cycles) and growth (Kuznets cycles), he discovers that pairs of 25-year growth cycles are embedded within 55-year long waves. As a result, Berry concludes, two different kinds of growth cycles--...