01-10-2017, 01:14 PM
Quote:You referred to the 2030 date as a K-wave “peak”. This implies 1792 was a railroad K-wave peak. What production figures were peaking in 1792?
No, it does not. Check the tables again, that's midway through Britain II, and the leading sectors peaking around that time were pig iron production and raw cotton consumption, where Britain was pushing 80% of global consumption. The railroad sector STARTED around that time, and despite an initial lead in Britain (where it was invented) leadership of that sector passed to the United States over the course of the 19th century, leading into US I.
(It is worthwhile to point out that China actually exceeded 19th century British pig iron production as early as the 11th century, but at a much lower per capita level, they discuss it in the book.)
Quote:You made an assertion of a “K-wave peak” in 2020-5. That assertion carries assumptions about prices and interest rates. This is not my definition, is it a core element of the K-wave concept. Are you sure M&T used the term “peak” wrt to the K-wave? My recollection was that they used the K-wave in a much looser sense, like some scholars refer to “Kondratieffs” without going into any more detail. I do not think those dates were intended by the authors to be confused with standard K-wave peaks. Certainly not anything on which to build predictions.
You're being deliberately obtuse. The phrase "k-wave" was used in M & T, and they defined beforehand how they were using it, and specifically stated it that they were using it in a different way from the work done by people like Kondratiev in terms of prices. Like I said, it is unfortunate that they chose a phrase that has other meanings, but repeatedly insisting that since they used a phrase to mean one thing, they must have meant it to mean all the others as well is being obtuse to the point of autistic.
They made predictions, and the fact that those predictions don't include things you want to tack on (viz interest rates, consumer price inflation, etc.) is not their problem.