"Unemployment and money" film by Polanyi (1940)

Описание: https://en.m.wikipedia.org/wiki/Karl_...

The movie intends to show how monetary circulation works, at the macro
aggregated level, and how trade cycles (booms and slumps) operate and have an impact on
employment. The effects of several policies on the system are tentatively discussed.
Innovations and failures
What’s new in the film? I argue for three main novelties, in the economics, social
and political environments of the thirties:

(1) the visualization process of the economic system and its dynamics, at a symbolic and
abstract levels is something very new in the language of economics in the thirties and
fourties. His approach was not based on the IS/LM diagram, first suggested by Hicks
(1937), but instead on the graphic representation of the “money belt” itself (monetary
circulation).

(2) the interpretation of the Keynesian theory of aggregate flows and stocks through a
systems approach, based on monetary flows and inventories, is quite different from the
traditional approach and language in economics . I suggest that his diagrammatic
representation of the dynamics of monetary circulation and trade cycle (business cycles)
were new in economics in general and in Keynesian economics in particular. Later, in the
seventies, forty years later, Alan Coddington (1976, 1983) would call it “hydraulic
Keynesianism”, due to the emphasis on the flows (the quantities), not the prices.
Coddington dates its origins in the forties and fifties, in association with Hicks’s IS/LM
representation, not the money belt reperesentation.

(3) Polanyi’s use of new media technologies to educate western masses in economics, not for
economics itself, but as a tool for ideological purposes is novel.
The first objective was successful, although it was not at all recognized in the
literature Polanyi has antecipated the “dahsboard” concept for visual monitoring of complex
systems in modern advanced simulations, an approach that is now trivial, decades
afterwards.



Source:    • Видео   (Eduardo Beira Channel)

Source: "Rediscovering the economic film
by Michael Polanyi (1940)
Eduardo Beira
MIT Portugal Program
IN+ Center for Innovation, Technology and Public Policy
last version: 27 november 2013"

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