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
The Science of Inequality
WIP Ideas from Science
Special Issue May 2014
For explicit links between wealth and output see: webpage.
@LinkedIn, Twitter, YouTube
The Science of Inequality
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
Structure of model in Nathan Forrester's 1983 MIT Thesis comprising 4 models
Macroeconomics System Dynamics Nathan Forrester
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
Summary of Pavlina Tcherneva's 2019 Challenge article (paywalled) added to IM-173064 Ch 19 Full employment policy of Macroeconomics textbook
Job Guarantee
From billy blog Japan entries and Ch2 of Mitchell Wray and Watts Textbook see IM-164967 for book overview
Japan and mainstream macroeconomics
WIP SD REpresentation of Steve Keen's BOMD Minsky model (described in Fig.5 of his patreon Jan2021 Draft New Economics Manifesto) to hope to make the causal structure clearer
Keen Bank Originated Money and Private Debt
Summary of Ch1 of Mitchell Wray and Watts Textbook see IM-164967 for overview
Macroeconomics Introduction
Figs 1 and 2 of David HArvey's Companion to Marx's Grundrisse illustrating the circulation of money and value in capitalism, dubbed as "value in motion" Also Waterstone and Chomsky Consequences of Capitalism Book
Marx and Circulation of Capital and Money
Causal loop representation of Keynesian macroeconomics taken from the System Dynamics literature, specifically Henize 1972 MIT D-memo D-1717. See also Nathan Forrester's SF CLD Diagram from his PhD IM-165714
Keynes theory of employment and inflation
Overview of Ch 25 of Mitchell Wray and Watts Textbook see IM-164967 for book overview
The Role of Investment in Profit Generation
Map of SD work on Samuelson's 1939 model of the business cycle. See also D-memo D-2311-2 Gilbert Low 1976 and IM-165713. An alernative to the Ch 26 Macroeconomics textbook exposition. From Gil Low's Multiplier Accelerator Model of Business Cycles, Ch 4 of Elements of the System Dynamics Method Book edited by Jorgen Randers 1976 (MIT Press) and 1980 (Productivity Press)
Samuelson multiplier accelerator model
Summary of Ch 13 of Mitchell Wray and Watts Textbook see IM-164967 for book overview
Theory of Effective Demand
Wagdy Samir work in progress. Addition of Bill Mitchell's draft textbook chapter1 See also The value of everything book IM
MacroEconomics
This is a simplification of the Austerity vs Prosperity model in the hope that it will be easier to understand.
Clone of Austerity vs Prosperity v0
This model
shows the basic functioning and dynamics of a 'modern monetary system'.
The non-government
sectors, consisting of the private and foreign sectors initial y starts with
zero currency units. It is important to realize that after creating a new currency the government
must first spend currency units into the economy before they can be used:
without currency units the private sector could not even pay taxes! A government
that has its own freely floating currency can create a much money as it wants.
It does not need tax receipts to finance its spending, and any money it spends into
the economy above that collected in taxes represents income for the private
sector. The model show that the government initially created 9 trillion money units,
but spent only six trillion into the economy. The six trillion showed up as a government
deficit but as wealth in the non-government sector.
Since the government
can create as many money units as it wishes and transfer them to
the private sector to ensure an adequate
level of demand in the in the economy, austerity is unnecessary: money is available,
though real resource may be scarce. This also shows that the government can
contribute actively towards the creation of prosperity.
Please note that this model was originally
created by Gene Bellinger, IM 3206, from which this version was cloned.
Clone of Clone of Austerity vs Prosperity
From Bill Mitchell and Warren Mosler December2018 billy blog entry and mosler's MMT white paper (google docs) 2019. Some highly aggregated stocks and flows and boundaries introduced.
Clone of The essence of MMT
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.
Clone of Minsky Financial Instability Model
Summary of Ch 12 of Mitchell Wray and Watts Textbook see IM-164967 for book overview. Compare with SD CLD IM-169071
Clone of Keynes and the Classics
WIP Exttension of IM-172005 Simulation of Goodwin01 Minsky Model. Compare with Part3 slide 5 of presentation in patreon
Clone of Goodwin02 Minsky Simulation Keen Economic Dynamics Aug2019
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.
Clone of Keynesian Macroeconomics
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.
Clone of Keynesian Macroeconomics
