A Period-- Stability Trade-off in a Model of the Kondratiev Cycle

This paper reconvenes a generic structure generating the long-period fluctuations and growth. Forms of technological progress that stabilise cyclical growth in vicinity of a steady-state are explicitly formulated. Capital intensity is used as a proxy for qualification of labour force. If dependence of a rate of growth of real wage upon qualification becomes stronger than critical, then there occurs the Andronov-- Hopf bifurcation of the fixed point into a closed orbit. A first order approximation of a period of the Kondratiev cycle is derived. This pe-riod is shorter, the higher are the rate of technological progress and rate of growth of the labour force. It is the longer, the higher is the rate of growth of capital inten-sity (as a function of two structural coefficients). If productivity growth remains lag-gard, stabilising the world economy by accelerated capital deepening may lengthen the depression phase of the current Kondratiev cycle globally