The Kondratiev Wave is a long-term economic cycle that lasts approximately 50 to 60 years. Named after Russian economist Nikolai Kondratiev, it suggests that economies experience periods of growth followed by periods of decline. These cycles are often linked to technological innovations and shifts in production methods. During the growth phase, new technologies drive productivity and economic expansion, while the decline phase sees stagnation and recession. The Kondratiev Wave theory helps economists understand the broader patterns of economic activity and the impact of innovation on long-term growth trends.