Steve Keen’s Debt Watch

This is the key feature of Minsky in comparison to all other System Dynamics platforms: it is the only one to use double-entry bookkeeping to build models of financial flows. This is an inherently superior paradigm to using flowcharts to model monetary dynamics. I build a basic model which nonetheless shows that models of capitalism without banks, debt and money are useless, and then show just how far Minsky can go in modelling capitalism by showing Pedro Pratas' monetary model of Portugal.

Minsky is excellent for demonstrating the behaviour of complex system models like Lorenz's model of fluid turbulence. It's also perfect for showing how little most economists know about dynamics. I have a go at Professor Reis from the LSE for trying to rescue economic modelling by claiming that weather forecasting 3 to 5 years in advance isn't very good either...

The main strength of system dynamics programs is modelling systems that interact in nonlinear, non-equilibrium ways, and the very first such system discovered was the interaction of predators with prey. This video shows building a simply predator-prey model, and compares the product in Minsky with that in Vensim.

While Minsky is useful for showing simple equations, its real strength is in building models of dynamic processes. The basic dynamic process is population growth, and I build that simple model in this video.

This is the first of six videos to introduce the new version of Minsky, the Open Source System Dynamics modelling tool specifically designed to model capitalism as a monetary, non-equilibrium system. Minsky can in fact be used for any mathematical equation, as I show here with a simple a+b=c equation and a visual demonstration of the interaction of sine and cosine.

And what happens to GDP when you do. A cautionary tale about thinking that what works for an individual or sector works for the economy as a whole. Also a quick demonstration of some of the new features of the Open Source system dynamics modelling tool Minsky: https://sourceforge.net/projects/minsky/

500 years ago, Martin Luther began the campaign that led to the Reformation of the Catholic Church. Yesterday at the University College London, six rebel economists made a call for a similar reformation of today's modern version of the Catholic Church, Neoclassical Economics. Listen to Andrew Simms, Victoria Chick, Kate Raworth, Mariana Mazzucato, Sally Svenlen, and myself (chaired by The Guardian's Economics Editor Larry Elliott) as we call for the Reformation of Economics. You can read...

I gave this talk at BitBrum (http://bitbrum.org/), and cover what money is, why economists don't understand it (but anthropologists like David Graeber do), what it actually is, whether Bitcoin qualifies (I don't believe it does), and whether Bitcoin is in a bubble (which I believe it is--it has increased in price by almost 1000% in the past year), and what might happen to its price if it actually becomes money (rather than a speculative collectible) and starts being used on a large scale for...

I gave this talk to YSI members attending the 17th UNCTAD debt conference, at which I was one of the speakers (along with Jan Kregel: the speeches are available here: http://unctad.org/divs/gds/dmfas/what/Pages/Debt-Conference-2017.aspx). It was a hastily organised talk, and I started it with a lengthy biographical exposition on why I led a student revolt against the teaching of economics at Sydney University in 1973, my initial work on Marx's theory of value, and how this has finally led...

By Matt Bar­rie & Craig Tin­dale. I recently watched the fed­eral trea­surer, Scott Mor­ri­son, proudly pro­claim that Aus­tralia was in “sur­pris­ingly good shape”. Indeed, Aus­tralia has just snatched the world record from the Nether­lands, achiev­ing its 104th quar­ter of growth with­out a reces­sion, mak­ing this achieve­ment the longest streak for any OECD coun­try since 1970. Aus­tralian GDP growth has been trend­ing down for over forty years Source: Trad­ing...