Standard and nonstandard approaches to trade cycles

Trade cycles of different length are one of the underlying subjects of macroeconomic theory; the general framework is connected with demonstrable cyclical and relatively regular fluctuations of economic activity or economic growth. The objective of the article is to describe some elementary considerations and conclusions or unsolved problems of the multidimensional theme of cyclical fluctuations. Different theoretical approaches to cycles are analyzed, mainly in the context of the co-action of endogenous and exogenous factors. The article ends with recapitulation of some historical landmarks of the investigation into trade cycles and/or identification of the cycle theories as one of the corner-stones of the theory of long-waves of Kondratiev-Schumpeter type based on the endogenous character of technological progress.

Keywords: long waves, business and trade cycles, theories of cyclical fluctuations, business cycles theories of historical perspective