The Reductionism stops here (1)
One of the defining features of Neoclassical economics is the belief that macroeconomic analysis has to be not merely compatible with, but derivable from, microeconomic analysis. The development of...
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The Getting of Wisdom
Readers with long memories will recall Paul Krugman describing interest in the history of economic thought as “Talmudic scholarship” (see Figure 1), and dismissing it with an emphatic “I Don’t Care”:...
View ArticleA quick demo of quick Minsky
The speed with which a few useful modifications can be done to a a model in Minsky reminds me of the old “don’t try this at home” saying. I’d love to race someone adding the same concepts in a program...
View ArticleFamous Models of Chaos in Minsky
As subscribers here know, the main reason for developing Minsky was to make it possible to build monetary models of the economy. But it is also a pretty good tool for doing standard system dynamics...
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A good election to lose?
Kevin Rudd came to power for the first time on December 3rd 2007—just a few months after the Global Financial Crisis commenced, and some time before its severity was truly appreciated by the political...
View ArticleHow Academic Economics Suppresses Innovation
The Australian Business Deans Council (ABDC) has just released its new ranking of the quality of academic journals in economics. This listing in turn is used to rank the quality of academic research. A...
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What Janet Yellen—And Almost Everyone Else—Got Wrong
I was delighted to see, in Paul Krugman’s post of almost the same name, that he now identifies “the debt overhang” as the reason this economic downturn has persisted for so long: The best explanation,...
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Minsky 1.0 now available
The latest “Petty” version of Minsky finally qualifies as a 1.0 release: there are enough system dynamic and user-interface features in it to declare it a stable release. We’ll modify it to remove any...
View ArticleFifteen Easy Minsky Pieces
Dr. Russell Standish and I have been working on Minsky now for almost two years now–ever since we received the $125K from INET’s Spring 2011 grant round: Russell as builder (coding in C++ and Tcl/Tk)...
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Will the Soufflé rise twice? (1)
One of the advantages of being overseas right now is that it takes less effort to avoid listening to the insipid discourse that passes for political debate during this Australian election. As Rudd and...
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