What Is a Kondratieff Wave? Kondratieff Wave, named after Russian economist Nikolai Kondratieff, refers to cycles, lasting about 40 to 60 years, experienced by capitalist economies. Also known as “Kondratiev waves,” “super-cycles,” “K-waves,” “surges,” and/or “long waves.” Key Takeaways Kondratieff Wave – also known as super-cycles, K-waves, surges, and long waves – refers to cycles
What Is a Kondratiev Wave? A Kondratiev Wave is a long-term economic cycle in commodity prices and other prices, believed to result from technological innovation, that produces a long period of prosperity alternating with economic decline. This theory was founded by Nikolai D. Kondratiev (also spelled “Kondratieff”), an agricultural economist who noticed agricultural commodity and
What Are Key Performance Indicators (KPIs)? Key performance indicators (KPIs) refer to a set of quantifiable measurements used to gauge a company’s overall long-term performance. KPIs specifically help determine a company’s strategic, financial, and operational achievements, especially compared to those of other businesses within the same sector. Key Takeaways Key performance indicators (KPIs) measure a
What Are Krugerrands? Krugerrands are gold coins that were minted by the Republic of South Africa in 1967 to help promote South African gold to the international markets and to make it possible for individuals to own gold. Krugerrands are among the most frequently traded gold coins in the world market. The coins have legal
What Is Kurtosis? Kurtosis is a statistical measure used to describe a characteristic of a dataset. When normally distributed data is plotted on a graph, it generally takes the form of an upsidedown bell. This is called the bell curve. The plotted data that are furthest from the mean of the data usually form the
What Is the Kyoto Protocol? The Kyoto Protocol was an international agreement that aimed to reduce carbon dioxide (CO2) emissions and the presence of greenhouse gases (GHG) in the atmosphere. The essential tenet of the Kyoto Protocol was that industrialized nations needed to lessen the amount of their CO2 emissions. The protocol was adopted in
What Is the Labor Market? The labor market, also known as the job market, refers to the supply of and demand for labor, in which employees provide the supply and employers provide the demand. It is a major component of any economy and is intricately linked to markets for capital, goods, and services. Key Takeaways The
What Is Labor Productivity? Labor productivity measures the hourly output of a country’s economy. Specifically, it charts the amount of real gross domestic product (GDP) produced by an hour of labor. Growth in labor productivity depends on three main factors: saving and investment in physical capital, new technology, and human capital. Key Takeaways Labor productivity measures output
What Is the Labor Theory of Value? The labor theory of value (LTV) was an early attempt by economists to explain why goods were exchanged for certain relative prices on the market. It suggested that the value of a commodity was determined by and could be measured objectively by the average number of labor hours
What Is a Labor Union? A labor union is an organization formed by workers in a particular trade, industry, or company for the purpose of improving pay, benefits, and working conditions. Officially known as a “labor organization,” and also called a “trade union” or a “workers union,” a labor union selects representatives to negotiate with
