Post Keynesian modelling and simulation for the classroom
by John T. Harvey
International Journal of Pluralism and Economics Education (IJPEE), Vol. 11, No. 1, 2020

Abstract: For those of us coming from the Post Keynesian perspective, intermediate macroeconomics may be our one and only opportunity to introduce students to Keynes, Kalecki, and Minsky. Several useful texts exist, and today there are many online resources, too. However, one aspect that is difficult to communicate is the importance of dynamic as opposed to general-equilibrium analysis. It is for this reason that I have developed an Excel-based computer simulation that students build and operate. It is not only set in time and capable of creating a business cycle, it demonstrates the effect of fundamental uncertainty in creating volatile forecast adjustments, includes debt and the possibility of financial crisis, and can be used to compare the effects of automatic stabilisers versus a job guarantee. This paper offers step-by-step instruction.

Online publication date: Wed, 02-Sep-2020

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