Nowadays, it's sometimes difficult to teach économics

Many are those who wish that in "two times three movements", we describe "the miracle" to operate so that the crisis is finished! It should consequently be understood that economic is a cyclic phenomenon.

As Nikolai Dmitrievitch Kondratiev described it very well, an economy can be characterized by slow movements of about fifty years; they correspond to a phase of acceleration of the growth after which a phase of depression succeeds. The long movements themselves would be composed of shorter cycles; crisis which appear approximately every decade.
More precisely, major investments or capital goods are renewed sporadically, economic agents always seeking to improve the profitability of the production means.
Such starts suppose, over long period, a strong propensity to save, a faith in the longevity and the rhythm of discoveries and technological innovations accumulation processes, an important offer of credit supplied with low interest rates - the capital being concentrated in the financial intermediaries which mainly constitute here the system of credit and the stock exchange.
The meeting of these tendencies for the economic situation allows a productive development of the capital goods, impelling the phases of growth - lasting when the accumulated innovations find, in their turn and large numbers, diversified productive applications.