"...it would be a mistake for others to believe that the properties of their model show the importance of accounting rather than the theory they have used."
True, but please don't downplay the usefulness of SFC models, simply because some people make this mistake.
The question is whether study of this type of model, which emphasises balances and the relationship between them, can provide us with useful insights and help us focus on what matters. I think you yourself answer this question best when you state in your previous post:
".. the fact that leverage was allowed to increase substantially before the crisis was not something that most macroeconomists were even aware of let alone approved of. As I have said before, if I had seen a chart showing bank leverage .. before the crisis I would have been extremely worried."
Absolutely. I'm very pleased that people are working on these models. I just wish they acknowledged previous aggregate modelling and put a little more theory into them.Mainly Macro
More on Stock-Flow Consistent models
Simon Wren-Lewis | Professor of Economics, Oxford University