I will be a little out of action today. That's because I am waiting for Steve Keen to join me for the day.
We're talking economics, Minsky, digital banking and a lot more besides. And I suspect I will be a lot more proficient at using Steve's Misnky software at the end of the day than I am now.
This should be fun.
But moderation may be slow.
Update:
I know a great deal more about Minsky....
We were modelling the impact of central bank digital currency - but it needs more thought.
And I took a selfie of us in front of the cathedral - but as you can probably tell - I never take selfies, and this one is bad.
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Don’t foret the £ IOUs that get lost in the laundry or forgotten at the back of a drwaer
Oh to be a fly on the wall on that discussion!!
It was brain aching
My youngest son seems to do very well out of my dropped change…
After Mattei’s ‘The Capital Order’ I needed to recover from her elucidation and have recently devoured a book on Southern Region coaching stock (in colour!) and one about British Rail ‘Peak’ Class 45/0 diesel locomotives, so I’m now ready to dive back into the world of economics.
So, can the august bunch here recommend a good reference book by or about Minsky please that takes me through his ideas?
Much obliged.
PSR.
Hmmmmm…..not sure
Randall Wray’s Why Minsky Matters may be of interest.
@PSR
See perhaps:
https://sites.bu.edu/perry/files/2019/04/The-Vision-of-Hyman-P.-Minsky.pdf
Thanks Peter
Peter May – thank you muchly – that’s a start.
Think there needs to be an annual MMT conference. Some country house in the summer somewhere?
There is in the US
There is no equivalent that I known of here and the community is too divided for it to succeed I suspect: most of them will not talk to me or Steve Keen, for example. Bill Mitchell is pretty much the dividing point and his insistence on the world believing him without criticism being allowed in pretty much neoliberal style. It’s pretty tedious.
Richard, since I have been following your tweets and sort of blog, you are the only person I have encountered in the MMT community that seems to be engendering or participating in divisiveness. The two that I will cite here I think are of an ad hominem nature. In a separate set of discussions, others in Canada debated what you said about Mosler (see below).
I have read much of Bill Mitchell’s work and he collaborated with Wray and Watts to produce a text-book on Macroeconomics that both explains current accepted notions while criticizing them and providing better ideas. His blog is packed with data and analysis but might benefit from using Minsky/Ravel in his presentations. He also offers a beginners course on MMT that I have taken. The Macroeconomics text would be improved if it used the Minsky/Ravel software.
Recently you criticized Warren Mosler unjustifiably in what seemed a hostile manner about the notions of States using coercion to ensure that their money is dominant. . Keen criticizes one of Mosler’s ideas regarding int’l trade but has not yet worked it through using his Minsky or Ravel software. He is busy and will likely get to it someday but it is of less importance than the other things he is doing which he agrees supports the statements about MMT made by Wray, Kelton and Mosler amongst other heterodox economists. His systems approach is amongst the best.
He wrote a blurb supporting Wray’s most recent book called Money for Beginners saying that “This illustrated book contains more wisdom on money that all the textbooks in the world.”
His own comic book approach is useful to people.
For the record I was part of the Levy Economics Summer Seminar in 2022 when you presented. An Economist presenting there agreed with the Fed using higher interest rates to fight inflation. I challenged his position and referred him to another respected Cdn colleague of Steve Keen for some deeper perspective.
I also follow Keen very closely. I participate in his Masters Class. I am inclined to agree with Lars Syll who told me that Keen is “brilliant.”
All of the MMT academics seems to be based on a systems theory of complexity derived from early work on Chaos Theory. In that approach the only points of disagreement should/would be the relevant strengths of feedback loops and perhaps their role in either negatively or positively reinforcing the core ideas being analyzed.
I can’t be bothered to argue with you. It would be waste of time. Feel free to hold your opinion. I am quite confident of mine – and have shared them with Steve, who seems to share many of them.
YAY!
I’d love it if you share that model, or Steve Does.
They are talking of introducing the e-krona here in Sweden and I’d like to be able to simulate a few what-ifs.
I suspect there is a lot of wrong thinking about e-krona that could be reduced with a good clear Minsky modelling!
Let’s see where we get to
You can download Steve Keen’s open source (free) Minsky software (system dynamics) , great manual Modelling with Minsky, and many models at:
https://sourceforge.net/p/minsky/home/Home/
And tutorials, etc. from avid modeler Ty Keynes https://www.youtube.com/@TyKeynes
System Dynamics with Minsky
And a whole series of webinars from Steve Keen :
The Minsky Models of Modern Monetary Theory 01 #TMM0MMT to … 12 starting here :
https://www.youtube.com/watch?v=EcXCNgM52HI
Thanks
Les Enfants Terrible of economics!
Echoing PSR, would love to have been a fly on the wall for those discussions.Are the two of you hatching something up I wonder?
Nothing specific as yet
There are strong points of agreement
I think things may come out of this
I believe Steve does the same
My first goal is a small one – and will be to model wealth tax changes dynamically. That, in itself, would be pretty cool
It made me very happy to see you guys managed to get together. You right… the selfie is pretty bad lol. Look forward to see if you come up with small model using Minsky.
I will be watching your videos