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A quick introduction to modelling in Minsky & preview of the next release

Steve Keen October 2, 2017 Steve Keen's Debt Watch

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Summary:
Minsky (the Open Source system dynamics program specifically designed to support monetary macroeconomics, downloadable from https://sourceforge.net/projects/minsky/) is difficult for economists to use, not because it has a poor interface, but because economists are simply unfamiliar with the methods of system dynamics, whereas they are second nature to engineers. In this brief lecture (about 90 minutes), ...

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Minsky (the Open Source system dynamics program specifically designed to support monetary macroeconomics, downloadable from https://sourceforge.net/projects/minsky/) is difficult for economists to use, not because it has a poor interface, but because economists are simply unfamiliar with the methods of system dynamics, whereas they are second nature to engineers.



In this brief lecture (about 90 minutes), I show how to model both a flowchart model and a double-entry bookkeeping model in Minsky, and also showcase some of the new features turning up in the next release of Minsky.



If you are a user of Minsky and would like to support its continuing improvement, Russell Standish and I will shortly be launching a Patreon page specifically to fund the development of Minsky (download it from https://sourceforge.net/projects/minsky/). Please check it out when it’s available (probably in December), and consider putting as little as US$1 a month to keep it improving, and to keep it free to download and use.



I’ll be “kickstarting” this process myself by personally funding the development of a new Godley Table. Assets, Liabilities and Equity will be “pre-loaded”, in place of the current approach, which is a legacy of the days before developing Minsky taught me all I know now about double-entry bookkeeping.



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About Steve Keen
Steve Keen
Steve Keen (born 28 March 1953) is an Australian-born, British-based economist and author. He considers himself a post-Keynesian, criticising neoclassical economics as inconsistent, unscientific and empirically unsupported. The major influences on Keen's thinking about economics include John Maynard Keynes, Karl Marx, Hyman Minsky, Piero Sraffa, Augusto Graziani, Joseph Alois Schumpeter, Thorstein Veblen, and François Quesnay.
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