The Current WISDOM

Freeman, Neal B.
January 1981
National Review;1/23/1981, Vol. 33 Issue 1, p22
The article analyzes some theories of economic development. Thirteenth century Italian scholar Leonardo Fibonacci created a series of numbers that was perceived to be the underlying pattern in all manner of developmental functions. The Fibonacci series was soon assigned to explain the inexplicable, including the stock market. As a young economist, Nikolai Kondratieff, studied Western economic statistics and concluded that capitalist societies move in cycles. His theory was embraced by economists in many countries.


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