<s>
The	O
MONIAC	B-Device
(	O
Monetary	O
National	O
Income	O
Analogue	O
Computer	O
)	O
,	O
also	O
known	O
as	O
the	O
Phillips	B-Device
Hydraulic	I-Device
Computer	I-Device
and	O
the	O
Financephalograph	O
,	O
was	O
created	O
in	O
1949	O
by	O
the	O
New	O
Zealand	O
economist	O
Bill	O
Phillips	O
to	O
model	O
the	O
national	O
economic	O
processes	O
of	O
the	O
United	O
Kingdom	O
,	O
while	O
Phillips	O
was	O
a	O
student	O
at	O
the	O
London	O
School	O
of	O
Economics	O
(	O
LSE	O
)	O
.	O
</s>
<s>
The	O
MONIAC	B-Device
was	O
an	O
analogue	O
computer	O
which	O
used	O
fluidic	O
logic	O
to	O
model	O
the	O
workings	O
of	O
an	O
economy	O
.	O
</s>
<s>
The	O
MONIAC	B-Device
name	O
may	O
have	O
been	O
suggested	O
by	O
an	O
association	O
of	O
money	O
and	O
ENIAC	B-Device
,	O
an	O
early	O
electronic	O
digital	O
computer	O
.	O
</s>
<s>
The	O
MONIAC	B-Device
is	O
approximately	O
2m	O
high	O
,	O
1.2m	O
wide	O
and	O
almost	O
1m	O
deep	O
,	O
and	O
consisted	O
of	O
a	O
series	O
of	O
transparent	O
plastic	O
tanks	O
and	O
pipes	O
which	O
were	O
fastened	O
to	O
a	O
wooden	O
board	O
.	O
</s>
<s>
The	O
MONIAC	B-Device
showed	O
it	O
by	O
draining	O
water	O
(	O
savings	O
)	O
from	O
the	O
expenditure	O
stream	O
and	O
by	O
injecting	O
water	O
(	O
investment	O
income	O
)	O
into	O
that	O
stream	O
.	O
</s>
<s>
To	O
their	O
surprise	O
,	O
Phillips	O
and	O
his	O
associate	O
Walter	O
Newlyn	O
found	O
that	O
MONIAC	B-Device
could	O
be	O
calibrated	O
to	O
an	O
accuracy	O
of	O
2%	O
.	O
</s>
<s>
The	O
MONIAC	B-Device
's	O
ability	O
to	O
model	O
the	O
subtle	O
interaction	O
of	O
a	O
number	O
of	O
variables	O
made	O
it	O
a	O
powerful	O
tool	O
for	O
its	O
time	O
.	O
</s>
<s>
The	O
output	O
from	O
the	O
computer	O
could	O
also	O
be	O
sent	O
to	O
a	O
rudimentary	O
plotter	B-Operating_System
.	O
</s>
<s>
MONIAC	B-Device
had	O
been	O
designed	O
to	O
be	O
used	O
as	O
a	O
teaching	O
aid	O
but	O
was	O
discovered	O
also	O
to	O
be	O
an	O
effective	O
economic	O
simulator	O
.	O
</s>
<s>
At	O
the	O
time	O
that	O
MONIAC	B-Device
was	O
created	O
,	O
electronic	O
digital	O
computers	O
that	O
could	O
run	O
complex	O
economic	O
simulations	O
were	O
unavailable	O
.	O
</s>
<s>
Observing	O
the	O
MONIAC	B-Device
in	O
operation	O
made	O
it	O
much	O
easier	O
for	O
students	O
to	O
understand	O
the	O
interrelated	O
processes	O
of	O
a	O
national	O
economy	O
.	O
</s>
<s>
The	O
range	O
of	O
organisations	O
that	O
acquired	O
a	O
MONIAC	B-Device
showed	O
that	O
it	O
was	O
used	O
in	O
both	O
capacities	O
.	O
</s>
<s>
The	O
first	O
MONIAC	B-Device
was	O
created	O
in	O
his	O
landlady	O
's	O
garage	O
in	O
Croydon	O
at	O
a	O
cost	O
of	O
£400	O
(	O
)	O
.	O
</s>
<s>
Phillips	O
first	O
demonstrated	O
the	O
MONIAC	B-Device
to	O
a	O
number	O
of	O
leading	O
economists	O
at	O
the	O
LSE	O
in	O
1949	O
.	O
</s>
<s>
The	O
Ford	O
Motor	O
Company	O
and	O
the	O
Central	O
Bank	O
of	O
Guatemala	O
are	O
believed	O
to	O
have	O
bought	O
MONIACs	B-Device
.	O
</s>
<s>
A	O
MONIAC	B-Device
owned	O
by	O
Istanbul	O
University	O
is	O
located	O
in	O
the	O
Faculty	O
Of	O
Economics	O
and	O
can	O
be	O
inspected	O
by	O
interested	O
parties	O
.	O
</s>
<s>
A	O
MONIAC	B-Device
from	O
the	O
LSE	O
was	O
given	O
to	O
the	O
Science	O
Museum	O
in	O
London	O
and	O
,	O
after	O
conservation	O
,	O
was	O
placed	O
on	O
public	O
display	O
in	O
the	O
museum	O
's	O
mathematics	O
galleries	O
.	O
</s>
<s>
A	O
MONIAC	B-Device
owned	O
by	O
the	O
LSE	O
was	O
donated	O
to	O
the	O
New	O
Zealand	O
Institute	O
of	O
Economic	O
Research	O
in	O
Wellington	O
,	O
New	O
Zealand	O
.	O
</s>
<s>
The	O
MONIAC	B-Device
was	O
set	O
to	O
model	O
the	O
New	O
Zealand	O
economy	O
.	O
</s>
<s>
A	O
working	O
MONIAC	B-Device
(	O
or	O
Phillips	B-Device
Machine	I-Device
as	O
it	O
is	O
known	O
in	O
the	O
UK	O
)	O
can	O
be	O
found	O
at	O
the	O
Faculty	O
of	O
Economics	O
at	O
Cambridge	O
University	O
in	O
the	O
United	O
Kingdom	O
.	O
</s>
<s>
A	O
replica	O
of	O
the	O
MONIAC	B-Device
at	O
the	O
central	O
bank	O
of	O
Guatemala	O
was	O
created	O
for	O
a	O
2005-6	O
exhibition	O
entitled	O
"	O
Tropical	O
Economies	O
"	O
at	O
the	O
Wattis	O
Institute	O
of	O
the	O
California	O
College	O
of	O
the	O
Arts	O
in	O
San	O
Francisco	O
.	O
</s>
<s>
The	O
MONIAC	B-Device
at	O
The	O
University	O
of	O
Melbourne	O
,	O
Australia	O
,	O
is	O
on	O
permanent	O
display	O
in	O
the	O
lobby	O
of	O
the	O
Giblin	O
Eunson	O
Library	O
(	O
Ground	O
Floor	O
,	O
Business	O
and	O
Economics	O
Building	O
,	O
111	O
Barry	O
st	O
,	O
Carlton	O
,	O
Melbourne	O
)	O
.	O
</s>
<s>
The	O
faculty	O
has	O
extended	O
an	O
invitation	O
to	O
anyone	O
interested	O
in	O
restoring	O
the	O
MONIAC	B-Device
to	O
functional	O
capacity	O
.	O
</s>
<s>
Erasmus	O
University	O
Rotterdam	O
(	O
EUR	O
)	O
has	O
owned	O
a	O
MONIAC	B-Device
since	O
1953	O
.	O
</s>
<s>
Vrije	O
Universiteit	O
Amsterdam	O
had	O
a	O
MONIAC	B-Device
built	O
in	O
1951	O
by	O
their	O
own	O
instrument	O
makers	O
department	O
,	O
modeled	O
after	O
the	O
original	O
.	O
</s>
