## MINSKY: Reforming economics with visual monetary modeling

Funded! This project was successfully funded on March 17, 2013.

### Masterclass in January

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Minsky has come a long way thanks to your help: we now have a stable "Petty" branch at the Minsky Sourceforge site, which is largely bug-free:

https://sourceforge.net/p/minsky/

The latest iteration in the "Mun" may have bugs--especially since some re-factoring has occurred recently--but it has a more complete interface with the first implementation of group selection, improved graphs, and a neat ability to enter variables and mathematical operators directly onto the canvas without needing to use the mouse and the palette:

http://www.hpcoders.com.au/Minsky.1.5.D42-win-dist.tar.gz

and

http://www.hpcoders.com.au/Minsky.1.5.D43-mac-dist.dmg

I talk about some of these user interface improvements here:

All this is a prelude to saying that, making copious use of Minsky, I plan to give the Masterclass on economics in January 2014. I had hoped to do it earlier this year, but a large number of international speaking engagements had me out of Australia for 10 months out of 12, and unable to devote the time to such a class.

Sincerely, Steve Keen

### Minsky 1.0 now available

We finally have a version of Minsky that I'm happy to regard as a 1.0 release. It will be permanently available on our SourceForge page, and the only changes that will be made to it will be bug-fixes and, when I get the time, a complete help file.

The main issue that this latest release addressed was the speed of plotting. We were using a Tcl/Tk layer for rendering plots, and it was impossibly slow. Russell has bypassed this with his own code and the speed of updating plots is now extremely high--so high that it's advisable to set the simulation speed to well below maximum unless you  have an extremely complicated model (and we now save the selected simulation speed as part of the model schema).

http://sourceforge.net/projects/minsky/

Thanks again for your financial support, without whch we wouldn't have been able to get to this point.

### Shti Happesn

Oh dear...

A supporter has just informed me that "Minsky" is spelt "Minksy" on the T-shirt!

The blame is entirely mine: I didn't even think to proof-read the text. It's an obvious case of seeing what you expect to see, rather than what is actually printed, that I missed it in the first place.

So here's my spin: if we are lucky enough to change the world of economics with Minsky, I will surely have to re-issue the T-shirts. You will then have categorical proof that you were there at the very beginning. Who knows, the original "Minksy" T-shirt could become a collectors' item.

Yours sheepishly, Steve

### Australian rewards shipped, Rest to follow soon

With the help of a couple of supporters, I put the rewards together yesterday, and shipped the Australian ones via Australia Post today. Hopefully they will arrive early next week.

Rewards to Asian and Pacific supporters will go out on Monday.

I'm heading off to the USA on Tuesday to give some public talks in Seattle:

http://www.stevekeeninseattle.com/

And I'm taking the opportunity to mail the US and Canadian rewards using domestic US mail rather than airmail from Australia.

I then head through London to Croatia, and I'll repeat the same exercise there with the European rewards.

The aim of course is to reserve as much of the money raised for Russell's programming as possible, while still delivering on the rewards.

I'm quite pleased with the T-shirts, and I think you will be too. The "Fat Banker" is probably the most effective as a T-shirt, given the size of the "Stability is Destabilizing" logo (see below), but they both look great and the 100% cotton feels very good on. I intend enjoying wearing them when giving public talks in future, and I hope you enjoy "disturbing the tranquility" yourselves when you put one on.

Russell's programming is proceeding apace: the latest iteration is the first to introduce some customizing of graphs, and--in what I think is a first for system dynamics programs--it allows you to use Greek letters for variables etc. by following LaTeX protocols: for example, \lambda will give you that Greek letter, \r_{loan} will give you "r subscript loan". You can download the latest betas from here:

Or from the Minsky page on my Debtwatch blog:

http://www.debtdeflation.com/blogs/minsky/

All that is lagging is my provision of both a help file and examples of how to use Minsky. My hectic speaking schedule on this trip is getting in the way of the latter, but I hope to be able to devote some time to that in coming months.

### A good reason to be late

I have been waylaid from the rewards by preparing for a presentation I'm giving at the Australian Treasury tomorrow--and there is a very good finale to that.

Back in 2010 I built my first combined monetary-production model, which is now published in a couple of journals--including this one that I have paid to make Open Access:

Predicting the Global Financial Crisis: Post Keynesian Economics

However I developed that model before I had appreciated the importance of using double-entry bookkeeping in monetary modeling. I always meant to produce a double-entry version, but as usual I didn't have time (and there was always that slight fear of the unknown--would I be able to do it?)

I'm pleased to report that I was able to do it--in fact it took less than 6 hours today to put together the model you can see in the movie below.

I'm having hassles with my blog right now which prevent me uploading the Minsky file itself, but I'll try to do that after tomorrow's presentation.

The bottom line is that MInsky itself is now up to modeling Minsky's model (and much more besides), and it will only get better as we start employing the funds you have given to us.

Next week I have yet another major commitment--a remote video speech to The Economist's conference on Europe in London--after which I will finally have the time to put the T-shirts and books together. With luck I will still meet the May deadline I set for sending out most of the rewards.

Thanks again for your support, Steve

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Signed hardcover copy of Debunking Economics for immediate delivery (May 2013)--inclusive for all pledges of $1000 or more. Attend a webinar lecture series on economics by Professor Steve Keen. One seminar per week per 10 pledges at this level, to a maximum of 5 seminars and 100 attendees. In September 2013. Estimated delivery: • ##### Pledge$1,000 or more
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Signed hardcover copy of Debunking Economics for immediate delivery (May 2013)--inclusive for all pledges of $1000 or more. Attend a webinar lecture series on economics by Professor Steve Keen. One seminar per week per 10 pledges at this level, to a maximum of 5 seminars and 100 attendees. In October 2013. Estimated delivery: • ##### Pledge$1,000 or more
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A masterclass on economics and modeling in Minsky by Professor Steve Keen, in New York, London, and Sydney. Date to be determined depending on the timetable of pledgers and Professor Keen's other commitments. Acknowledgement of you as a Sponsor of Minsky on the program's start-up screen and splash page--inclusive for all pledges of $5000 or more. Estimated delivery: • ##### Pledge$10,000 or more
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