“Minsky,” a Macroeconomic Modeling Software Platform

Free open-source computer program for building and simulating dynamic, monetary economic models, models without equilibrium and with a financial sector. A vital tool for a new approach to economics. Similar to Mathcad, Mathematica, Mathlab and other mathematical modeling/ simulation tools, but optimized for accounting-based, flow-of-funds analysis.


The road map includes expansion of core open-source features, plus companion programs (e.g. proprietary “Big Data” visualization toolset). Version 1.0 currently free available online. Major development is underway.

The designer of Minsky, Dr. Steve Keen, put into mathematical form the economic approach of the rebel American economist Hyman Minsky, and the program Minsky was named in his honor. Minsky was designed to make a different approach to economic modeling possible: one in which banks, debt and money are indispensable, and in which the economy is always changing.

Minsky now fulfills its basic promise—to be able to build dynamic models in general, and in particular to build monetary models of the economy. There are still some rough edges at this level since less than 3000 hours of programming has gone into its development so far, but we’re confident that it is relatively bug-free and will work as intended right now—though we hope to add much more polish and far more modeling power in future releases.

Work needs to be done to refine the user interface, then we intend to enable it to represent an economy as a number of industrial sectors, each of which buys inputs from and sells output to the others. Then we will add the ability to model international trade and financial flows between different national economies. We have already done proof-of-concept modeling of multi-sectoral monetary models in Mathcad and Mathematica, so we know this can be done. Simultaneously we will add the capability to import economic data and to derive system parameters from data using nonlinear parameter estimation techniques.

Minsky was January’s SourceForge project of the month. Please download the program for free via the SourceForge site. Use it and look for the Minsky user’s forum coming here soon.