Long - term periods of stagnation, Microeconomics

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Long Waves: Longer-term periods of stagnation or growth in the economy, that can last for a decade or more and reflect broader changes in technology, politics, and international relations. For illustration, most developed capitalist countries experienced a long wave of economic expansion after World War II (the ‘Golden Age'), followed by a long period of stagnation during 1980s and 1990s.

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