As a design studio, we are always on the look out for trends. The Kondratiev Waves Economic Theory is one such trend and definitely a trend worth looking at.

Kondratiev Waves is an interesting and relevant economic theory for todays world economy. Since the invention of the steam engine the world has gone through 4 long economic cycles which were described by the Soviet economist Nikolai Kondratiev and became known as Kondratiev Waves or Cycles as a result.

Each upward phase in the Wave is labelled as “Prosperity” and was borne by innovative inventions such as the steam engine, mechanical weaving loom, diesel engines etc. After Prosperity we enter Recession onto Depression and then onto Improvement towards the next cycle/wave. Basing the world’s economy off previous waves/cycles we are currently in the Depression part of the fifth cycle. Next part is Improvement which will usher us all into Prosperity of the sixth cycle. The beginning of each wave/cycle is characterised by a revolutionary change or innovation. As we continue to explore the benefits of globalization and instant communication – the beginning of the next upward Kondratiev Wave will be upon us very quickly so hopefully the Irish economy will be in position to take advantage of it.