Like what he's saying about cycles in the State, likely fits the business cycle, where his backgrounds seem to lie, it certainly fits the company I'm working at. And there are some parallels with the Tytler Cycle of History:
There is no progress.
But I started reading Dalio's paper and balk at a couple things right off the bat:
"The economy is like a machine. At the most fundamental level it is a relatively simple machine, yet it is not
"An economy is simply the sum of the transactions that make it up."
It's not simple and not the sum of it's parts but the transactions, interactions, exchanges result in the generation of wealth. Rather we go in circles because economies, societies, states are too complex and dynamic for us to understand.