Technology system waves are commonly known as what?

The term "Kondratiev waves" refers to long-term economic cycles thought to result from technological innovation, particularly identified by the Russian economist Nikolai Kondratiev in the 1920s. These waves typically last about 50 to 60 years and are characterized by alternating periods of high and low economic growth, driven largely by technological advancements.

Kondratiev proposed that these waves correlate with technological innovations that significantly revolutionize production and service dynamics, affecting the economy and society at large. For example, the introduction of steam power, the railways, electricity, and information technology all exemplify innovations that have marked the peaks and troughs of these economic cycles.

In broader discussions about technological systems, these waves provide a lens through which we can understand how innovations transform markets and influence social structures over extended periods. Other terms, while they may relate to specific concepts of innovation or change, do not capture the cyclical nature and economic focus inherent in the concept of Kondratiev waves.