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Computer program for building & visually simulating dynamic, monetary economic models. A vital tool for a new approach to economics
Computer program for building & visually simulating dynamic, monetary economic models. A vital tool for a new approach to economics
620 backers pledged $78,025 to help bring this project to life.

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    1. Missing avatar

      Edgar Brown on March 24, 2013

      I know this would be rather off-topic, but if you are looking for an extended dataset that can become useful as a way to study money movement in detail, this might come in handy:…

      Some researchers have already used it for multiple purposes.

    2. Missing avatar

      Ion A. Dowman on March 18, 2013

      Congratulations, Steve: an excellent outcome. Glancing at the number of backers, though, I do believe there must be a vast supply of funds out there yet to be tapped. How to come at it might be the question. I wonder how well-known Kickstarter is as a fund-raising facility? I knew nothing about it until this project came up.

    3. Missing avatar

      Andy Leake on March 14, 2013

      Hi Steve from a fellow Aussie and now a proud backer and first time kickstarter. I'd just like to take the opportunity to thank you for your tireless and courageous efforts over many many years. Im just an ordinary bloke watching you from home who greatly appreciates that you are one of the very few people in this world fighting for my kids' futures. Thanks again Steve - from the burbs.

    4. Missing avatar

      David Kristoffersson on March 7, 2013

      You have my support. I think you'd do better with some more attractive rewards. Perhaps a more sleek tshirt design. Perhaps something entirely different. Key to the most successful kickstarters is to offer tangible and desirable rewards. And networking.

    5. Elisha Bentzi on February 26, 2013

      Hi professor steve keen.
      With this modeling software we can model a country in which the banking and insurance system have the unique in that its profits are for the state but that his administration is private?
      Thanks. We also want to model some ideas like this paper,
      Thank you.

    6. Missing avatar

      Koon Yeow Lee on February 23, 2013

      Objection. We are apes and not monkeys (laugh out loud..., and apologies for being too taxonomical).

    7. Professor Steve Keen Creator on February 23, 2013

      Tell me about it Chuck! -:}. We are a frivolous tribe of monkeys--capable of giving so much more for trivia than for topics of substance. And thanks.

    8. Missing avatar

      Chuck Willer on February 23, 2013

      Congratulation Steve for reaching the $50k goal. It is so gratifying to have followed you for so long and see your current success. I hope the project gets to $250k. When I think of how important your work is and the money you need to advance the modelling - and then think of how, right here in my state of Oregon, Phil Knight of Nike has poured hundreds of millions into sports at the U of Oregon - no wonder the world is so crazy.

    9. Professor Steve Keen Creator on February 21, 2013

      Thanks Kai,

      Yes, we've hit a goal--and I'd like a 20 goal scoreline by the time the campaign is over. So we're going to keep kicking.

      And Kristian, yes the help file (incomplete as it is!) is the start of a manual. I intend completing it by the end of the campaign with luck and time, or by the end of April if not. The Web version has a database as part of it, allowing collaboration (in real time) and sharing of models. I will populate that with examples, and hopefully a user community will add to it over time.

    10. William B Clay on February 20, 2013

      Prof. Keen, I am encouraged to see you've made apparently realistic estimates of development costs. Looks like you're in line with one of the first and surely the most important software engineering book ever published: "The Mythical Man Month" by Fred Brooks. If you run into delays (inevitable!), remember Brooks' law, "Take no small slips" in your schedule.

    11. Kristian Rönn on February 20, 2013

      Dear professor Keen,

      I first have to say that I am very excited about MINSKY and very much agree with Warren's comment. With that said, here are a few questions:

      1. Are you planning to write some kind of Introduction manual/book to MINSKY?

      2. It would also be extremely useful for educational purpuses if MINSKY could have a library of classical economical models ( already implemented and ready to simulate. As a computer scientist I belive that programming can be seen as a litmus test for rigorous thinking. In other words; if you can't implement a model as computer program then your model is probably too vaguely defined, and hence hard to falsify. Such a library would make it possible to teach introductory economics in a computational framework and thus promote rigor in economics. Are you planning to implement a library like that in MINSKY?

      Yours sincerely,
      Kristian Rönn

    12. Professor Steve Keen Creator on February 18, 2013

      Thanks Warren,

      You have very eloquently expressed my own hopes for Minsky. And curiously, DePaul University approached me last year with the proposal that I teach a Masters course there on "Debunked Economics". Unfortunately the academics who wanted me to come over weren't able to persuade the bureaucracy to fund me, so it didn't happen.

    13. relaxin on February 18, 2013

      Professor Keen,

      I have been wanting a tool like Minsky since studying economics as an undergraduate at DePaul University in the heart of Chicago and felt what you have referred to as that feeling of something wrong during my introduction to macroeconomic theory.

      Economics is the social science that awards a Nobel prize yet it always feels hollow knowing that the ability to simulate and test the models of the differing schools of thought dynamically has for the most part been absent. I am of the opinion this lack of knowledge and ability has shielded those people whose control and influences precipitated the recent financial collapse from being scorned as the charlatans they are. Their models are akin to alchemy with regards to chemisty or astrology with regards to astronomy.

      I hope your tools will finally bring some light and direction to a study that has been fumbling lost in the dark for far too long. Pardon me for the weight of my hopes as I have some idea as to how economics affects us all. Thank you professor, I am honored to back your cause. I only wish I had and extra $10,000.

      Warren G. Custodio

    14. Professor Steve Keen Creator on February 14, 2013

      Thanks Morten,

      You've hit on precisely why the project should be supported even by people who disagree with my economics. It is a generic platform for dynamic modeling, with the added feature of being able to model financial flows using a double-entry bookkeeping "widget". The actual models of banking and of production that you generate in this are up to you: it can as easily be used to model The Gold Standard as it can Endogenous Money.

      What it does do is what Neoclassical economics does not: the models are dynamic, and they can easily be monetary, and equilibrium (if it exists) is an emergent property, not something imposed on the model by assumptions.

      There are also no economic assumptions of any kind built into the model: it is a generic platform for building models of any type (as are Vissim, Simulink, Stella, etc.). The one key advantage it has is the ease of modeling financial flows, but that's it. So an Austrian economist can use it as easily as a (Post!) Keynesian.

      What it then adds that is rare in Post Keynesian and especially Austrian economics is mathematical modeling and simulation--and without the obsession with equilibrium of neoclassical economics. So even if Austrians don't use it, it could "kill off the neo-classical economists on their own turf of mathematical models", as you note.

      Thanks, and please spread the word in the Austrian community and help raise the funds. In another ironic way, I'm appealing to the private sector for funding here: not the State, which is the province of Neoclassical economists when it comes to research funding.

    15. Morten Hannibalsen Olsen on February 14, 2013

      Even though I am a firm supporter of the Austrian view, I find this worth backing because:

      * It will help kill off the neo-classical economists on their own turf of mathematical models
      * Minsky could be the non-biased mathematical model which proves Austrians right

      This of course only holds true if Steve Keen is true to his promise of the program not being preloaded with any Keynesian assumptions, but being open source I believe this to be true.

      Best of luck Mister Keen!