Kuznets swing

Some modern economic commentators argue the Kuznets swing reflects an 18-year cycle in land values. Fred Harrison argues this cycle of boom and bust could be smoothed or avoided altogether by levying an annual tax on the value of land (land value tax).

Kuznets' analysis was criticized by Howrey (1968). Howrey claimed that the apparent business cycle found by Kuznets was an artifact of the filter Kuznets used. Howrey suggested that the same cyclical pattern could be found in white noise series when the Kuznets filter was applied.