The empirical evidence of Kondratieff cycles is highly controversial. In this paper, the question is analysed how far World War I and II are responsible for this situation. It is shown that after estimating the effects of the Wars and other exogenous shocks the long-term economic development is characterized not by Kondratieff - but rather by Kuznets cycles. The long-term growth rate for the US economy seems constant, for the European economies there are significant changes in speed of the growth process. These growth phases seem to be in significant inverse correlation with the innovation process.
IOS Press, Inc.
6751 Tepper Drive
Clifton, VA 20124
Tel.: +1 703 830 6300
Fax: +1 703 830 2300 email@example.com
(Corporate matters and books only) IOS Press c/o Accucoms US, Inc.
For North America Sales and Customer Service
West Point Commons
Lansdale PA 19446
Tel.: +1 866 855 8967
Fax: +1 215 660 5042 firstname.lastname@example.org