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Introducing the Moniac: Its Historical Process in the Istanbul University Faculty of Economics

Author

Listed:
  • Nazan Susam

    (Faculty of Economics, Department of Public Finance, Istanbul, Turkey, İstanbul Üniversitesi, Istanbul, Turkey)

  • Nurtac Yildirim

    (Faculty of Economics, Department of Economics, Istanbul, Turkey, İstanbul Üniversitesi, Istanbul, Turkey)

  • Hakan Bektas

    (Faculty of Economics, Department of Econometrics, Istanbul, Turkey, İstanbul Üniversitesi, Istanbul, Turkey)

Abstract

Monetary National Income Analog Computer (MONIAC) is a hydraulic machine that we can describe as an analog simulator modeling macroeconomic relationships. It was invented by the famous economist A. W. Phillips in 1949 and produced in limited numbers. The circulation of water in the machine shows the circulation of money in the economy. The economic behaviors of units such as households, firms, government, export, and import segments, and the economic variables by which these behaviors are affected can be observed while the water circulates the machine. The working principle of this machine reflects the assumptions of both Keynesian and Classical economics schools regarding economic functioning. The machine was brought to Istanbul University Faculty of Economics in the 1950s, by Prof. Dr. Besim Ustunel, one of the late faculty members. A sensational scientific production for the international academic community at that time, thus, was brought to Turkey in a very short period of time. The fact that the machine was introduced to Turkish higher education shortly after its invention is an important indicator of the ability of the Faculty of Economics to adapt to current scientific developments. Although MONIAC has been reoperational with a project initiated by the Faculty of Economics in 2017, it is not possible to use the machine actively in lessons today, which used to be one of its primary functions. However, based on this analog machine, the digital simulation that we carry out within the scope of the project can be used as an educational tool. MONIAC, in its restored original form, has been preserved by the Faculty of Economics as a historical value of the Faculty.

Suggested Citation

  • Nazan Susam & Nurtac Yildirim & Hakan Bektas, 2021. "Introducing the Moniac: Its Historical Process in the Istanbul University Faculty of Economics," Istanbul Journal of Economics-Istanbul Iktisat Dergisi, Istanbul University, Faculty of Economics, vol. 71(1), pages 1-19, June.
    • Handle: RePEc:ist:journl:v:71:y:2021:i:xi:p:1-19
    DOI: 10.26650/ISTJECON2021-944190
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    More about this item

    Keywords

    National income calculator; MONIAC; W. Phillips machine; Circular flow of income JEL Classification : A20 ; E01 ; E50 ; E60 ; F41;
    All these keywords.

    JEL classification:

    • A20 - General Economics and Teaching - - Economic Education and Teaching of Economics - - - General
    • E01 - Macroeconomics and Monetary Economics - - General - - - Measurement and Data on National Income and Product Accounts and Wealth; Environmental Accounts
    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
    • E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics

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