MONIAC [SEP] start time
MONIAC
The MONIAC (Monetary National Income Analogue Computer) also known as the Phillips Hydraulic Computer and the Financephalograph, was created in 1949 by the New Zealand economist Bill Phillips (William Phillips) to model the national economic processes of the United Kingdom, while Phillips was a student at the London School of Economics (LSE). The MONIAC was an analogue computer which used fluidic logic to model the workings of an economy. The MONIAC name may have been suggested by an association of money and ENIAC, an early electronic digital
careful. A related issue is that ACE models which start from strategies instead of preferences may remain vulnerable to the Lucas critique: a changed policy regime should generally give rise to changed strategies.
See also.
- Economic model
- Mathematical model
- Macroeconomics
- Economics
- Econometrics
- Computational economics
- Lucas critique
- Dynamic stochastic general equilibrium
- Agent-based computational economics
- History of macroeconomic thought
- Time series
- MONIAC, an analogue computer which used fluidic logic to