William Phillips originally an electrical engineer who became an economist in the 1950’s designed a hydro-mechanical computer to demonstrate how money flows through the economy.
There is something beautiful and elegant in seeing a mechanical construction demonstrating a complex concept that computers at the time could not model. It became known as the MONIAC (Monetary National Income Analogue Computer).
This maybe the world’s first macro-economic computer. Phillips built his protype for around 400 pounds from parts he scavenged from a World War II Lancaster bomber.
The model is still functioning and is held in the Reserve Bank of New Zealand Museum & Education Centre.