Wednesday, June 7, 2017

Brian Romanchuk — The Relationship Between sfc_models And Godley And Lavoie

The text Monetary Economics: An Integrated Approach to Credit, Money, Income, Production and Wealth, by Wynne Godley and Marc Lavoie is cited heavily within the sfc_models framework. This text is a standard text for SFC modelling, and has already been the object of extensive modelling. The fact that the models are well known is extremely useful from the point of view of development. These existing models were used to calibrate the sfc_models code.
(This article is an unedited draft of a section from my upcoming book "Introduction to SFC Models with Python.")
Bond Economics
The Relationship Between sfc_models And Godley And Lavoie
Brian Romanchuk

19 comments:

MRW said...

Romanchuk: why can't you fucking explain what SFC means? It's not as if the internet restricts you to screen real estate. People here on this blog are guilty of the same thing, of using acronyms and abbreviations that completely isolate new readers. And you wonder why MMT hasn't caught on? Fucking assholes.

MRW said...

Keep preaching to your crotches. Fools.

MRW said...

And Matt, you're one of the worse offenders.

Tom Hickey said...

@MRW

I usually agree about spelling things out for newbies, but Brian's post was clearly for people that are into Godley &Lavoie's Monetary Economics, which is based on stock-flow consistent accounting models, and who are also into Python. When something is obviously wonkish, it is only going to appeal to wonks that are into this. I think you are being overzealous here.

MRW said...

I send newbies here, Tom. And it is a time-honored editorial practice to identify the first usage of an acronym, even in scholarly journals.

Matt Franko said...

Hey I resemble that remark!

Matt Franko said...

MRW Brian is using the language of STEM ... not everybody is trained in STEM I get it but we can't "dumb it down" ... we HAVE BEEN dumbing it down and THAT is what has been getting us nowhere...

Matt Franko said...
This comment has been removed by the author.
Penguin pop said...

But don't you think many people would tune out because of all of what they think is just technical geeky mumbo jumbo, Matt? There has to be a balance between not watering the concepts down and giving people an understanding of why this piece or concept goes with that concept and what it means for their standard of living.

Matt Franko said...

You have to be seen to make deterministic projections and then those projections turn out to be true ... then you receive technical credibility...

Brian Romanchuk said...

MRW,

I was tied up, and did not see these comments.

SFC models = stock-flow consistent models. Since this was an excerpt from the middle of a book about SFC models, it did not spell out the aceonym. I normally try to spell out abbreviations, but missed that. I am in the middle of a few projects, and so did not have a lot of time to edit that post to be more stand alone.

I have a primer on my web site on SFC models, but did not link to it.

As for what it means in real world terms, it's my preferred modelling technique. Beyond that, it's a long answer.

MRW said...

Where is Brian threatening somebody here? What the fuck are you talking about? I am only making an argument for identifying acronyms, or internet slang, properly.

Six said...

Ironically, MRW's screen name is an acronym

MRW said...

It stands for Martin Robert Wales. My family even calls me MRW. It's a thing.

MRW said...

Sometimes, M.R.

MRW said...

Most of the time: M.R. Dub.

Six said...

Nice to meet you, Martin. I try to learn from your takes on science; they are definitely outside my fields of expertise.

MRW said...

The MR Dub grew out of a family joke. I basically lived at A & W (pronounced Aye and Dub) in high school. Loved their burgers. Loved their suds. [I didn't drink Coke but I loved A & W Root Beer, the best.] For non-Americans, A & W is an American burger franchise that features Mama, Papa, and Baby burgers. I don't know if they are international like McDonald's. But ubiquitous in US.

MRW said...

Thanks, Six.