Sam Levy — Modeling Monopoly Money in Minsky

In 2021 I put out a working paper with my simple mathematical model that illustrated MMT’s theory of the determination of the price level. You can read the paper here, or an earlier version of the model in a blog post here. Then at the 2nd MMT Summer School in Poznań, none other than Steve Keen did a demo of his Minsky modeling software, and it occurred to me that it would be fairly easy to set up my model in Minsky. So I did it, and I’m going to show you the results in this post.

A word of warning: this is not going to be an introduction either to the model, or to the Minsky software. So, my apologies, but this post is for a bit of a niche audience! If you want to get all the details here, then I’d encourage you to read about the model first, and maybe watch a few minutes of one of Steve’s video demos of Minsky. My primary purpose I’d say is to review my experience with using Minsky, and also to note a few changes I made to the model since its last edition....

Sam Levy — Medium
Modeling Monopoly Money in Minsky