Goodwin business cycle model, modified from Keen and Blatt
Goodwin Business Cycle
Based on Ch 7.3 of Mitchell Wray and Watts Textbook see IM-164967 for overview. IM-165415 Example converted to a continuous time dynamic model using stocks and flows
A Simple National Income Macroeconomic Model Continuous Time
WIP Overview model structures of Khalid Saeed's 2014 WPI paper Jay
Forrester’s Disruptive Models of Economic Behavior See also General SD and Macroeconomics CLDs IM-168865
Jay Forrester's Disruptive Economic Models
Graph representation of Ch3 of their 2007 Monetary Economics book, based on Alvarez and Ehnts 2015 paper The roads not taken. Also see more complex WIP to successively split sectors at IM-185550 . See also essence of MMT IM for simpler intro
Godley and Lavoie Simple Growth Model
Summary of Ch2 of Mitchell Wray and Watts Textbook see IM-164967 for overview
How to Think and Do Macroeconomics
WIP Section 17.4 of Mitchell Wray and Watts Textbook see IM-164967 for book overview
The Quantity Theory of Money
Goodwin cycle IM-2010 with debt and taxes added, modified from Steve Keen's illustration of Hyman Minsky's Financial Instability Hypothesis "stability begets instability". This can be extended by adding the Ponzi effect of borrowing for speculative investment.
Minsky Financial Instability Model
Implementation of a DSGE Model solved in a Macroeconomics class by Harald Uhlig (
link), using Rational Expectations, in this case, the Hansens Real Business Cycle Model.
It shows the capacity of implementing Dynamic Stochastic General Equilibrium Model Analysis using System Dynamics.
Real Business Cycle Model (DSGE)
WIP of Rammelt's 2019 System Dynamics Review Article which has STELLA and Minsky software versions as supplements. Compare with the older IM-2011 version
Simplified Keen Goodwin Minsky Financial Instability model
CLD exposition of Goodwin01 from Steve Keen's August 2019 course on Introduction to Economic Dynamics and Minsky software See video and powerpoint slides. Based on IM-2011 Minsky FIH and IM-168865 MacroEconomics CLDs. SeeIM-172005 for Simulation
Goodwin cycle Minsky Keen August 2019
Summary of Ch 19 of Mitchell Wray and Watts Textbook see IM-164967 for book overview
Full Employment Policy
WIP Based on Steve Keen's Inaugural Kingston Lecture Youtube video slides models and data all at his blog
Is Capitalism Doomed to Crises
IM-168155 Summary of Ch 27 of Mitchell Wray and Watts Textbook see IM-164967 for book overview with simplified Mike Radzicki's 2003 Evolutionary Economics history article added
History of Economic Thought 2
WIP based on Bill mitchell's blogs.
Sectoral balances are relationships among money flows during an accounting period. Where we perceive accumulations of past imbalances to be accrued is another matter....
MMT Fiscal position
Summary of Ch 20 of Mitchell Wray and Watts Textbook see IM-164967 for book overview
Introduction to Monetary and Fiscal Policy Operations
WIP Ideas from Science
Special Issue May 2014
For explicit links between wealth and output see: webpage.
@LinkedIn, Twitter, YouTube
The Science of Inequality
Unfortunately, this model only produces the illusion of functioning, but I did manage to get it to give me the graph. However, because of the use of flows, if you change the time step to and the simulation length to anything other than the same numbers, you'll find the graph showing something that looks more exponential. This is due to the function referencing itself in regards to time, so inevitably each time consumption grows it changes the outcome on the other side of the equation. Still, this is a convincing mock up. I added a "45 degree" line so that one could conceivably see (and also change) the difference made by altering the level of autonomous consumption.
Keynesian Macroeconomics
Based on Ch 7.3 of Mitchell Wray and Watts Textbook see IM-164967 for overview. See IM-165546 for a conversion to a continuous time stock flow version of this simple example
A Simple National Income Macroeconomic Model
Partial exposition of Samuelson's Accelerator Model to conform with the Simple Model 7.3 in the Macroeconomics Book, based on MIT D memo D-1761 by Low and Mass 1973 See also more complete version IM-177550
Multiplier Accelerator Model Partial
WIP Ideas from Science Special Issue May 2014
The Science of Inequality
Circular equations WIP for Runy.
Added several versions of the model. Added a flow to make C increase. Added a factor to be able to change the value 0.5. Older version cloned at IM-46280
Circularity in Economic models including Exports and Imports
Causal loop representations of macroeconomics taken from the System Dynamics literature contrasted with Forrester's main analysis of social and business organization layers See also Saeed's Forrester Economics IM-183285
Macroeconomics causal loop diagrams
Structure of model in Nathan Forrester's 1983 MIT Thesis comprising 4 models
Macroeconomics System Dynamics Nathan Forrester
WIP Dynamic map from Steve Keen's Minsky at 100 Lecture video and slides and later Emergent Macroeconomics papers
Minsky Instability from Macrodefinitions Keen
