Hello,
Searching for projects modeling crypto currencies such as Bitcoin, I came across the Professor Steve Keen talking about the potential for Minsky in the space via his Jan 2014 SF Project of the Month interview.
There is significant interest and discussion going on around the web regarding crypto currencies, for example the pros and cons of preset capped supply, infinite divisibility, different inflation models etc. A whole lot of speculation and opinions but AFAIK no modeling to speak of (not counting "live" altcoins that may allow some insights way into the future, if they manage to reach their caps plus maintain a community of users). Could Minsky be a possible tool to perform such experiments and has there been any further development/projects or interest from the Minsky developer community along these lines? (I searched the mailing and discussion forums and was surprised to find nothing mentioned)
Regards,
Keith
If you would like to refer to this comment somewhere else in this project, copy and paste the following link:
"Could Minsky be a possible tool to perform such experiments"
In its present form Minsky is an excellent tool for the study of particular interelationships in macroeconomics while providing a scientific approach to the validation of any output.
In my view, before modelling cryptocurrencies in the modern economies, Minsky would have to be shown to be usable to model macroeconomics in the real world over extended periods of time, for example by modelling the three centuries of Imperial Rome. That would require software to access a database of macroeconomic facts in sufficient detail to estimate the accuracy of the approach.
Given the current state of debate about the validitity if Keynsian/Hicksian/etc stable and dynamic modelling, even an agreed enhanced Minsky model would be only a first step. (In theory, theory is identical to practice, in practice, it isn't)
If you would like to refer to this comment somewhere else in this project, copy and paste the following link:
Hello,
Searching for projects modeling crypto currencies such as Bitcoin, I came across the Professor Steve Keen talking about the potential for Minsky in the space via his Jan 2014 SF Project of the Month interview.
There is significant interest and discussion going on around the web regarding crypto currencies, for example the pros and cons of preset capped supply, infinite divisibility, different inflation models etc. A whole lot of speculation and opinions but AFAIK no modeling to speak of (not counting "live" altcoins that may allow some insights way into the future, if they manage to reach their caps plus maintain a community of users). Could Minsky be a possible tool to perform such experiments and has there been any further development/projects or interest from the Minsky developer community along these lines? (I searched the mailing and discussion forums and was surprised to find nothing mentioned)
Regards,
Keith
"Could Minsky be a possible tool to perform such experiments"
In its present form Minsky is an excellent tool for the study of particular interelationships in macroeconomics while providing a scientific approach to the validation of any output.
In my view, before modelling cryptocurrencies in the modern economies, Minsky would have to be shown to be usable to model macroeconomics in the real world over extended periods of time, for example by modelling the three centuries of Imperial Rome. That would require software to access a database of macroeconomic facts in sufficient detail to estimate the accuracy of the approach.
Given the current state of debate about the validitity if Keynsian/Hicksian/etc stable and dynamic modelling, even an agreed enhanced Minsky model would be only a first step. (In theory, theory is identical to practice, in practice, it isn't)