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The Kondratieff wave did not play out in the 1990's in the way anticipated by many Kondratieff wave enthusiasts (some of whom even wrote books predicting what would happen, only to turn out to be very wrong), so many people came to the conclusion that the Kondratieff wave does not work after all.  In reality, there was just one more element that had to be added - which I did not find out about until 2001 myself, the law against recessions, passed in 1978 - which resulted in the later part of the current Kondratieff wave cycle simply being postponed by a number of years.  The part that was already going on in the early 1990's was stretched out by a number of years - and the part that comes later was simply postponed as a result of that.  My more detailed text on this website explaining my model (see My model) explains why - and why the law against recessions was not enforced right away. 

Note:  The Kondratieff wave is compatible with Austrian economics, but it is not compatible with Keynesian economics.  That may well be a reason why economists trained only in Keynesianism (which includes just about every economist in America) do not believe in the Kondratieff wave - and it may also be why so many of them seem to think that just because they have accomplished what they have so far in the 1990's and 2000's, it means the bad things the Kondratieff wave predicts in the final phase of its cycle won't happen, i.e., the Kondratieff wave either has now been defeated or is irrelevant and so the end of the current one won't play itself out (which apparently makes the American economists feel all the more that the Kondratieff wave is not real).  In reality, as I have noted above, the final part of the current Kondratieff wave has merely been postponed - and this website makes clear why.  The Kondratieff wave cannot be defeated - and Austrian economics makes clear why that is the case.  The longer the Keynesians try to continue to defeat it, i.e., the longer they are not overwhelmed in their effort to do so, that is to say, the longer they are successful in avoiding the end of the current wave, in other words, the longer they manage to postpone it, the worse the consequences will be in the end.