profile image placeholder
Number of items: 2
Date joined: Jan 01 2017

Crelis's Work

#1

labour economy

sim26 runs
#2

Financial instability

Market-capitalism typically goes through cycles of expansion and contraction. Every now and then, th ... Read more
Market-capitalism typically goes through cycles of expansion and contraction. Every now and then, these common economic cycles go off the hinges. They become unstable and can lead to recessions, crises and depressions—phenomena that economists typically look to exogenous forces to explain. Alternative, mostly Marxian and Keynesian, explanations for the instabilities have been sought within the structure of the economic system itself. One such explanation is provided by Steve Keen in his Goodwin-Minsky model. The model effectively mimics the dynamics of key indicators prior to, during and after the 2007/08 crisis. However, the model is also over-specified, highly sensitive to initial conditions and therefore more difficult to convey. In line with George Box’s plea for parsimony, this paper presents a more straightforward version of Keen’s model that remains consistent with its fundamental behaviour. The model also illustrates the potential for further dialogue between Marxian economics and system dynamics.
model72 downloads
Download Model
Financial instability Karl Marx Richard Goodwin Hyman Minsky Steve Keen
X

Sim App (Sim)

An interface that allows users to interact with a model.

Image of a sim

Sim apps allow users to interact with a model using buttons, sliders, knobs, tables, graphs, and storytelling. These interactions help users understand how parts of a system interact.

Interfaces are created by model authors in the Stella desktop software and can be uploaded to the isee Exchange.

Model

A diagram that represents how elements in a system influence one another.

Image of a model

Models are mathematical representations of how elements in a system are connected and interact (e.g., ecosystems, organizations, supply chains). When running models on the Exchange, results can be viewed in output devices like graphs and tables.

Models appear in the isee Exchange directory when authors upload them from the Stella® desktop software or create them with Stella Online™.

Causal Loop Diagram (CLD)

A map that represents the feedback structure of a system.

Image of a CLD

CLDs are high-level maps that represents the feedback structure of a system and easily communicate the essence of a model. They appear in the isee Exchange when authors upload them from the Stella desktop software or create them with Stella Online™.