Long business cycles theory as an instrument of economic growth determination

Abstract

The economy of any country, including Ukraine, is affected by the constant oscillations, which in the scientific com-munity are called “business cycles”. In his studies, a well-known Ukrainian economist Mikhail Tugan-Baranowski had shown an interest towards this topic, and later – so had his student Nikolai Kondratiev, who developed the theory of long cycles (40-60 years). This theory makes it possible to trace the dynamics of long-term economic development, which, in its turn, is necessary for the further prognostication and searching the way out of the crisis situations, inter alia – the current crisis in Ukraine.