Nikolai Kondratieff

Business, Legal & Accounting Glossary

Definition: Nikolai Kondratieff


Nikolai Kondratieff


Full Definition of Nikolai Kondratieff


Nikolai Kondratieff, a Russian economist is renowned for formulating Kondratieff economic cycle. According to Kondratieff, capitalist economy follows definite cyclic patterns of depression and boom each extending for 50 to 60 years. A Kondratieff business cycle consists of four distinct phases:

  • inflationary growth phase or ‘spring’,
  • recession/ stagflation or ‘summer’,
  • deflationary growth or plateau phase also referred to as ‘autumn’, and
  • depression or ‘winter’.

Nikolai Kondratieff was a proponent of new economic policy of Soviet Russia. He stressed on development of agriculture and manufacture of consumer goods overgrowth of heavy industries.

Biography

Nikolai Kondratieff was born in Kostroma near Moscow in 1892 on 4th March. After studying at St. Petersburg University he became a member of Socialist Revolutionary Party. When Kondratieff was 25 years of age in 1917, he was appointed by Alexander Kerensky government as minister of supply. After the Bolshevik revolution, Kondratieff was appointed to teach at Agricultural Academy set up by Peter the Great. Subsequently, in 1920 he established Moscow Institute of Conjuncture which had over 50 scholars within 1923.

Kondratieff had a significant role in developing New Economic Policy until 1925. His influence started declining after 1926 and was arrested in 1930 for being a ‘kulak-professor’. Nikolai Kondratieff died on 17th September 1938.

Kondratieff Waves

Kondratieff waves, more popularly termed K-waves, define a pattern of the business cycle of the world economy. These K-waves are a representation of global data rather than any individual nation’s economy. Specifically, they represent characteristics of leading world economies and global trading of leading products and services.

K-waves focus on total output, output increments, and infrastructure investment. Price involvements and price fluctuations are not considered while drawing these K-waves. Short term business fluctuations, as also parameters like gross domestic product (GDP), per capita income are left out of purview Kondratieff waves.

A business or economic cycle starts off with a slow start-up phase, successively followed by phases of fast growth, plateau phase and slow-down. Technological innovations, better methods of production, growing markets, or additional sources of raw materials set off a process of a business cycle. The industrial revolution, the growing use of cotton, the invention of micro-chip, and similar such innovative activities have given rise to K-waves in worldwide business cycles.


Cite Term


To help you cite our definitions in your bibliography, here is the proper citation layout for the three major formatting styles, with all of the relevant information filled in.

Page URL
https://payrollheaven.com/define/nikolai-kondratieff/
Modern Language Association (MLA):
Nikolai Kondratieff. PayrollHeaven.com. Payroll & Accounting Heaven Ltd.
March 28, 2024 https://payrollheaven.com/define/nikolai-kondratieff/.
Chicago Manual of Style (CMS):
Nikolai Kondratieff. PayrollHeaven.com. Payroll & Accounting Heaven Ltd.
https://payrollheaven.com/define/nikolai-kondratieff/ (accessed: March 28, 2024).
American Psychological Association (APA):
Nikolai Kondratieff. PayrollHeaven.com. Retrieved March 28, 2024
, from PayrollHeaven.com website: https://payrollheaven.com/define/nikolai-kondratieff/

Definition Sources


Definitions for Nikolai Kondratieff are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 2nd April, 2020 | 0 Views.