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It's strange that the article does not mention anything about hydraulic macroeconomics and MONIAC, they were once widely used to verify theories in economics.

https://en.wikipedia.org/wiki/MONIAC https://en.wikipedia.org/wiki/Hydraulic_macroeconomics

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So this looks interesting, but my first thought is how can a conserved quantity like water model something like money that is created and destroyed?

I don't think there's any requirement that the amount of water in the model remains constant. In principle you could drain or open valves to add more.

It's too bad MONIAC couldn't model the Stagflation of the 70's or it might be a useful model.

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