Reveal Your Preferences! Show Your Support for Accounting-Based Economic Modeling
If there’s one thing that distinguishes modeling by mainstream and neoclassical economists — and that is arguably their Achilles Heel — it’s their failure to come at the problem from a fundamental accounting, and monetary, standpoint. (That failure is understandable given the curricula in economics departments.)
I know that many of my readers share with me a belief in the kind of modeling embodied in Wynn Godley’s work, with its rigorous double-entry accounting approach. Viz. If you’d like to support the development of a powerful and robust tool for analyzing and understanding economies using those methods, here’s your chance:
You can download a copy of the program for Mac or Windows here. They’ll be building it out into a web app in the course of development.
Cross-posted at Angry Bear.