According to Functions（1）and（2），each major social change leads to a major social institutional progress，resulting in a large economic cycle，and each small social progress leads to a small social institutional or technological change resulting in a small economic cycle.
Since the First Industrial Revolution in the 18th century，human history has undergone three major social changes.The first is from 18th century to 1916，the second is from 1916 to 1945，and the third is from 1945 to now.（For the great social changes in history，see The Front Line and Coordinates of History，Shanghai：Academia Press，2008）Correspondingly，there were three major technological innovations：the steam and textile machines of the First Industrial Revolution；the electric and internal combustion engines of the Second Industrial Revolution；and the atomic energy and information technology of the Third Industrial Revolution.The progress of these social institutions and technological progress has created three major economic cycles.They have been：the first major economic cycle，from 18th century to 1916；the second from 1916 to 1945；the third from 1945 to now.(www.xing528.com)
There have also been smaller economic cycles within these big economic cycles.The length of small business cycles is clearly manifested in the intersections of recession—that is，the economic stagnation caused by the extension limit of a certain institution，or of technological change from educational institutions.
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