Saturday, December 15, 2012

Steve Keen — Help Kickstart Minsky

As regular readers would know, I have been developing a computer program for building strictly monetary dynamic macroeconomic models. New readers might have seen this article in The Economist:
Reforming macroeconomics: Claudio Borio on the financial cycle where my work received the following mention:
Steve Keen, an Australian economist, has long argued that macro needs to incorporate these ideas, and has developed a prototype of a computer program, called “Minsky,” that can be used to model economies as monetary systems. So while most economists have not embraced Mr Borio’s agenda for the reformation of macro, some have. That is encouraging news.
The program is called Minsky in honor of the late and great monetary economist Hyman Minsky. It is not a model of the economy as such, but a visual tool by which models can be developed.
It has been under development for roughly a year now, thanks to a US$128,000 grant from the Institute for New Economic Thinking. That has enabled me to hire one brilliant programmer, Dr. Russell Standish, for about 10-20 hours a week–the most that a contract programmer can afford to devote to a single project. Consequently, the program as it currently exists represents about 3-4 months of programming time. That’s produced a functional program, but it is still in its infancy. I want to take it to adulthood, and for that I need serious funding that will enable me to hire several top-notch programmers for several years.....
Steve Keen's Debtwatch
Help Kickstart Minsky
by Steve Keen

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