– es la ciencia de confundir los stocks con los flujos.
I have found out what economics is; it is the science of confusing stocks with flows.
– A verbal statement by Michal Kalecki, circa 1936, as cited by Joan Robinson, in ‘Shedding darkness’, Cambridge Journal of Economics, 6(3), September 1982, 295–6 and quoted in Monetary Economics written by Wynne Godley and Marc Lavoie. And that’s how Chapter 1 starts and the authors aim to straighten out the messes of the profession and set the confusions straight!
The author has also implemented the models in Microsoft Excel and you can find them here. I try do that myself but it’s not in such a neat form.