Steve Keen nears Kickstarter goal for open source economic software

 

Hopes software will be used by central banks.

Economist Steve Keen is closing in on his goal to raise $50,000 on Kickstarter to help build “the best economic modelling software ever produced”.

“It’s going to get funded and we’re hoping to get two or three times that much if we can,” Keen told iTNews.

The “Minsky” web application, named after American economist Hyman Minsky, has already had 1000 hours of programming time.

It is being written by computational scientist Russell Standish, led by Nathan Moses, who was a former student of Steve Keen at the University of Western Sydney.

“Economic models almost completely ignore the existence of banks, debt and money, which is completely ridiculous,” Keen said.

“I’ve worked out an incredibly simple way of doing it.

“It’s a relative of the software packages that engineers have been using now for decades to build dynamic systems.”

Keen said finishing the software, which would remain open source, required at least another 5000 hours of programming.

He’s hoping that once available, the software will be used by central banks and treasuries.

"I’m hoping they’ll realise they have to work with dynamic monetary models, rather than the static stuff they do now,” Keen said.

Keen has used his high profile to help attract donors from around the world. The largest volume of pledgers has come through his Debtwatch blog, while the largest amounts have been from direct donors and Twitter, where he has around 9500 followers.

Copyright © iTnews.com.au . All rights reserved.


Steve Keen nears Kickstarter goal for open source economic software
 
 
 
Top Stories
Beyond ACORN: Cracking the infosec skills nut
[Blog post] Could the Government's cybercrime focus be a catalyst for change?
 
The iTnews Benchmark Awards
Meet the best of the best.
 
Telstra hands over copper, HFC in new $11bn NBN deal
Value of 2011 deal remains intact.
 
 
Sign up to receive iTnews email bulletins
   FOLLOW US...
Latest Comments
Polls
Who do you trust most to protect your private data?







   |   View results
Your bank
  39%
 
Your insurance company
  3%
 
A technology company (Google, Facebook et al)
  8%
 
Your telco, ISP or utility
  7%
 
A retailer (Coles, Woolworths et al)
  2%
 
A Federal Government agency (ATO, Centrelink etc)
  20%
 
An Australian law enforcement agency (AFP, ASIO et al)
  14%
 
A State Government agency (Health dept, etc)
  6%
TOTAL VOTES: 1778

Vote
Do you support the abolition of the Office of the Information Commissioner?