Episode 201

full
Published on:

3rd Dec 2022

System Dynamics and the Minsky Model with Tyrone Keynes

** Check out the transcript for this and every episode of Macro N Cheese on the Real Progressives website.

This week’s episode looks at using a recently developed economic model application developed by frequent Macro N Cheese guest, Steve Keen. The software is aptly named “Minsky” and Steve Grumbine’s guest, Tyrone Keynes, is an experienced user of the Minsky software modelling tool. Tyrone is a consultant whose specialties are economics, health, and ecological modelling systems.


Steve and Tyrone walk through the steps to develop processes that they both similarly follow to build a model. Tyrone then talks about his latest work using Minsky to build an unnamed U.S. State a model that will describe how to manage the state’s retirement system to improve the disparities between low and high wage state workers.


They discuss the prep work before running the model and validating results. Additionally, Tyrone describes examples of how Minsky has been used to validate MMT (Modern Monetary Theory) thinking and how the tool can be used in the future to help bring about consensus within the MMT community and acceptance in the economic community.


Most Macro N Cheese episodes are unique, this one reveals how to focus the MMT lens with some tips on why other tools fail.


Tyrone Keynes is a System Dynamicist, independent researcher, and professional consultant at BD Consulting, (https://www.bdconsulting.ca) showing how systems thinking can be applied to economics. He specializes in modeling economic, health, and ecological systems. He is also the main beta tester for the Minsky software and does most of the social media for it.


@TyKeynes on Twitter

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Macro N Cheese
The MMT podcast for the people!
A podcast that critically examines the working-class struggle through the lens of MMT or Modern Monetary Theory. Host Steve Grumbine, founder of Real Progressives, provides incisive political commentary and showcases grassroots activism. Join us for a robust, unfiltered exploration of economic issues that impact the working class, as we challenge the status quo and prioritize collective well-being over profit. This is comfort food for the mind, fueling our fight for justice and equity!
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Steven Grumbine

Steve is a lot more than just the host of Macro N Cheese, he's the founder and CEO of two nonprofits and the “less is more" project manager! He uses his extensive knowledge of project management, macroeconomics and history to help listeners gain a vision of what our future could look like.