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- Title
The Foundations of a Hierarchial Theory of the Long-Wave Phenomenon.
- Authors
Amos Jr., Orley M.; Currier, Kevin M.
- Abstract
This paper presents a theoretical analysis based on four simple axioms of human behavior that offers a fundamental explanation for van Duijn's theory, and consequently provides a more fundamental explanation for the long-wave phenomenon. The basic premises of this analysis, building on the earlier work of Amos and Currier [3] and Amos [2] are that 1) people are motivated through the desire to fulfill unfulfilled aspirations, and 2) aspirations are endogenously affected by the economy. Although this theory offers an important, and more fundamental, explanation for long waves, of equal importance is the widespread implications for other areas of socioeconomic behavior. The theoretical constructs discussed in this paper provide the following descriptive explanation of the long-wave process. Human-environmental interaction in the process of satisfying hierarchial needs provides the stimulus for development progressing in a wavelike manner. The desire to satisfy unfulfilled needs motivates the development of innovations, which then stimulates economic activity through standard multiplier-accelerator effects. The critical feature captured by this analysis is the process in which higher levels of desired utility are triggered through the satisfaction of lower levels. This sequential process of satisfaction and re-satisfaction, as society moves to higher levels of desired utility, is what generates the cyclical motivation for innovation activity underlying existing long-wave theories, such as that discussed by van Duijn. An important implication of this analysis is the difference between two fundamental types of behavior. Evolutionary behavior, associated with process-oriented innovations, occurs as society seeks to fulfill a given level of desired utility. Revolutionary behavior, associated with product-oriented innovations, occurs as a new level of desired utility is actualized and society reallocates the resources needed to satisfy this level. The length of long...
- Subjects
ECONOMIC development; MULTIPLIER (Economics)
- Publication
Southern Economic Journal, 1989, Vol 56, Issue 1, p142
- ISSN
0038-4038
- Publication type
Article
- DOI
10.2307/1059062