Minsky (economic simulator)

For other uses, see Minsky (disambiguation).
Minsky (economic simulator)
Stable release 1.0 / 28 July 2013 (2013-07-28)
Written in C++, Tcl
Operating system Microsoft Windows, Mac
Type Simulator
License GPL3
Website sourceforge.net/projects/minsky/

Minsky is an open source visual computer program for simulation of economic models using a system dynamics approach to model the kind of non linear complex systems found in national economies. Its name is a tribute to the American economist Hyman Minsky (1919 – 1996) who pioneered the underlying economic model. The originator of the Minsky simulator project is, Dr. Steve Keen.

Description

With Minsky, economic models are built using a causal loop diagram and a double entry bookkeeping system across whole sectors of the economy known as a Godley table.[1]

Development

Minsky has been developed for the Australian economist Steve Keen by lead programmer Russell K. Standish and programmers Nathan Moses & Kevin Pereira.[1]

The development of Minsky was funded first by an academic research grant of $128,000 from INET the Institute for New Economic Thinking. 1000 hours of programming work went into it.[2] Then, in February 2013, Keen launched a crowdfunding project for further development of the program. The Kickstarter campaign started on Feb 9, 2013 and ended on Mar 17, 2013. The campaign exceeded its goal of $50,000 and, at the end, $78,025 were contributed for the project.

The objective of the project is to develop a standalone dynamic monetary macroeconomic modelling tool that would be more suited to financial flows than existing systems dynamics programs such as Simulink , Vensim , Vissim and Stella . Keen envisages Minsky being used for educational and research purposes. Keen himself uses Minsky for his own work based on the Financial Instability Hypothesis of Hyman Minsky.

Minsky is released in open source and was SourceForge's open source project of the month in January 2014.[1]

Sources

Links

References

  1. 1 2 3 SourceForge Minsky - Project of the month January 2014. Interview with Minsky development team. Accessed January 2014
  2. ↑ http://www.kickstarter.com/projects/2123355930/minsky-reforming-economics-with-visual-monetary-mo


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