J. A. Schumpeter's concept of long waves

J. A. Schumpeter is one of the most important and most originalrepresentatives of the 20th century socio-economic theory, who made anessential contribution to the concept of long waves. He focused histheoretical system (represented by major works from 1912, 1939 and 1942) onthe dynamic theory of capitalist economy development: innovations are adynamic element underlying all economic categories. Cyclical developmnet isbased on an uneven distribution of innovations - clustering of basicinnovations is the principle of endogenous explanation of the mechanism oflong-term Kondratiev cycles. J. A. Schumpeter included a historicaldimension in the analysis of multicyclic development; his work BusinessCycles became not only a target for criticism (e. g. reviews by S.Kuznets) but also a base for many moder innovative approaches to the longwaves concept (e. g. G. Mensch). As the corner-stones were laid by N. D.Kondratieff and his successor J. A. Schumpeter, the cycles of this conceptcan be designated as long waves of Kondratieff-Schumpeter type.

Keywords: long wave, J. A. Schumpeter, history of Kondratieff long waves research, innovations, Schumpeterian waves of innovations