Oh dear Phil. I shouldn’t have used the term model, as it’s just a collection of accounting identities. It becomes a model once it’s closed, which it is not. There are no behavioural assumptions, nor any causal relationships of any type. Just equations saying that, in Godley’s words, “everything comes from somewhere and goes somewhere”.
Fixing the Economists 
Oh dear Phil. I shouldn’t have used the term model, as it’s just a collection of accounting identities. It becomes a model once it’s closed, which it is not. There are no behavioural assumptions, nor any causal relationships of any type. Just equations saying that, in Godley’s words, “everything comes from somewhere and goes somewhere”.
Please don’t quote Godley when you are confusing models and identities.
You are fumbling on here with the distinction just as you were fumbling in your presentation.