Long waves, also known as Kondratiev waves, are long-term economic cycles that last approximately 40 to 60 years. They are characterized by periods of high economic growth followed by downturns. These cycles are believed to be driven by technological innovations, shifts in consumer behavior, and changes in global markets. The concept of long waves was introduced by Russian economist Nikolai Kondratiev in the 1920s. He observed that economies tend to experience alternating phases of expansion and recession, which can be linked to major technological advancements, such as the rise of the steam engine or the internet. Understanding these cycles can help economists and policymakers anticipate future economic trends.