Minsky (economic simulator)

Minsky is open source system dynamics program with additional features for economics created by professor Steve Keen and Dr. Russell Standish. One of the main function of software is to visually model economic system. Software is named after Hyman Minsky and a special feature in software tables - accounting tables- are named as "Godley tables" after Wynne Godley. It mainly follows post-Keynesian thought in economics with stock and flow consistency modelling..

Creation

Software was created in 2012. Current version is 2.8 (October 2018.). Proffessor Keen wrote about software: Named in honor of Hyman Min­sky, this is a com­puter pro­gram that enables a com­plex mon­e­tary sys­tem to be mod­elled with rel­a­tive ease. The pro­gram imple­ments the tab­u­lar approach to mod­el­ling finan­cial flows devel­oped in (Keen 2008; Keen 2010; Keen 2011), and com­bines this with the “flow­chart” par­a­digm devel­oped by engi­neers to model phys­i­cal processes, and imple­mented in numer­ous soft­ware pro­grams. It will be both a ped­a­gogic tool to make dynamic mon­e­tary mod­el­ling easy and attrac­tive to new stu­dents, and a pow­er­ful research tool that will enable the con­struc­tion of real­is­tic, mon­e­tary mod­els of cap­i­tal­ism.

Functionality

Minsky is one of a family of “system dynamics” computer programs which allow a dynamic model to be constructed, not by writing mathematical equations or numerous lines of computer code, but by laying out a model of a system in a block diagram, which can then simulate the system Unique feature of Minsky are accounting tables named "Godley tables" in which in rows are "types of changes" expressed with flow variables representing "annually change" at some point of time. Stock variable is integral and is in heading of a column. It shows a value according to a time point. These accounting tables are meant to eliminate mistakes. Stock variables or integrals are calculated using Runge-Kutta method, usually Runge kutta 4 method .

See also

https://en.wikipedia.org/wiki/System_dynamics https://en.wikipedia.org/wiki/Stock_and_flow https://en.wikipedia.org/wiki/Dynamical_system

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