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Using systems engineering software to build a model of the monetary circuit

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  • Steve Keen

Abstract

The Circuitists are a largely European school of economic thought that argue that a monetary economy is fundamentally different to a barter system, and that therefore money cannot be simply modelled as the n+1th good in a Walrasian general equilibrium system. However, while the School has made major contributions to the theory of endogenous money, it has not yet succeeded in constructing a model of the monetary circuit, which is its alternative to general equilibrium modelling. Starting from the first principles by which the School derives its powerful insights into a monetary economy, I construct a simple closed dynamic model of the circuit using systems engineering software (Mathcad). The model's behavior contradicts several propositions previously derived by Circuitists using either equilibrium conditions or unclosed dynamic models

Suggested Citation

  • Steve Keen, 2004. "Using systems engineering software to build a model of the monetary circuit," Computing in Economics and Finance 2004 78, Society for Computational Economics.
    • Handle: RePEc:sce:scecf4:78
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    More about this item

    Keywords

    Non-neoclassical economics; Post Keynesian economics; Dynamics; Systems Engineering;
    All these keywords.

    JEL classification:

    • B15 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Historical; Institutional; Evolutionary
    • C59 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Other
    • C63 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computational Techniques
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory

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