Business UK
“Use first principles to LEARN the economy” Top Economist
Learn 50+ Years of Economics in Only 7 Weeks, by applying here: https://www.stevekeen.com
(Plus get Ravel — the proprietary economic visualization software used in this video — as a bonus if you’re accepted and join.)
Top Economist Steve Keen challenges reasoning by analogy and shows how to analyze the economy from first principles — the way engineers and physicists think. Using double-entry bookkeeping and live Ravel demos, Steve dismantles textbook models like loanable funds, exposes why supply-and-demand curves don’t describe money creation, and builds a dynamic macro model from definitions, not assumptions.
In this eye-opening breakdown, you’ll discover:
✅ First principles vs analogy: why the engineer’s method beats classroom shortcuts
✅ Why the claim that countries are like households is a false analogy for deficits and debt
✅ The monetary system’s real foundations: double-entry bookkeeping, not supply and demand curves
✅ Ravel demo: taxation, reserves, and sectoral balances explained step by step
✅ Why a government surplus equals a private sector deficit, and why that matters
✅ A macro model from strict definitions: employment, wage share, private debt, deficit
✅ Credit’s central role in cycles, and its tight link with unemployment
✅ Why energy belongs inside production functions, grounded in thermodynamics
✅ How ideology keeps bad models alive, and how to replace them
Key insights:
• Engineer it, don’t analogize it: start from accounting identities and conservation laws.
• Sectoral balances: public saving, a surplus, reduces private net financial assets by the same amount.
• Money creation: banks do not use supply and demand curves; they use double-entry to create deposits when they lend.
• Dynamics over equilibrium: definitional dynamics generate cycles; equilibrium is a convenience fantasy.
• Credit drives cycles: credit and unemployment move in opposite directions.
• Energy is fundamental: changes in energy use track changes in global output remarkably closely.
New Book: Money and Macroeconomics from First Principles — for Elon Musk and Other Engineers
Built for engineers, quants, and practical thinkers who want accounting-consistent, physics-aware economics. Kindle available now; print coming soon.
Want to learn 50 years of real economics in 7 weeks?
Apply to Steve’s Seven-Week Rebel Economist Challenge: https://stevekeen.com
Bonus: Ravel access is included for accepted students who join.
What did you think of the sectoral-balances demo and the household vs country analogy? Tell us below.
Subscribe for reality-based economics
Like if first-principles reasoning clarified deficits, money, and credit
Share to help others break free from bad analogies
——-
Who is Dr. Steve Keen?
Dr. Steve Keen is a globally recognized economist who replaces textbook abstractions with accounting-consistent and data-driven models. Creator of the Minsky and Ravel software tools, Steve’s work shows how bank money, private debt, and energy shape real-world cycles. If you think like an engineer or physicist and want operational clarity over ideology, this channel is for you.
Learn 50+ Years of Economics in Only 7 Weeks, by applying here: https://www.stevekeen.com
(Plus get Ravel — the software used in this video — as a bonus if you’re accepted and join.)
#FirstPrinciples #SteveKeen #Ravel #SectoralBalances #MoneyCreation #DoubleEntry #Macroeconomics #Deficit #CreditCycles #EnergyEconomics
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Business UK
Keir Starmer ISSUES STARK WARNING to Norwegian Prime Minister ahead of HUGE WORLD CUP CLASH
“England only win World Cups under a Labour Government!”
Watch as Keir Starmer gives the Norwegian Prime Minister something to think about as they discuss Saturday’s huge England v Norway World Cup quarter-final.
Jonas Gahr Støre jokingly remarked that the last time Norway beat England in a qualifier, the commentator said: “Maggie Thatcher, are you watching?”
Saturday at 22:00 will see Harry Kane and Erling Haaland go head-to-head, with both among the tournament’s most in-form players.
#WorldPolitics #WorldCup #England #Norway #GBNews
Keep up to date with GB News at gbnews.com or on X @GBNEWS
Become a Friend of GB News: gbnews.com/friend
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Business UK
BREAKING: Government REJECTS calls to keep pubs open for England’s 1AM World Cup game against Mexico
The Government have rejected calls for pubs to be open for England’s World Cup match against Mexico.
Thomas Tuchel’s side turned around their fortunes in a difficult 2-1 victory over DR Congo on Wednesday night, booking them a match in the next round against one of the co-hosts.
The problem for England fans at home is that the kick off will be at 1am on Monday.
Liberal Democrat MP Max Wilkinson called for a blanket extension to licensing hours for the match during business and trade questions in the House of Commons.
Business minister Kate Dearden, however, confirmed the proposal would not go ahead.
#BreakingNews #WorldCup #Football #England #GBNews
Keep up to date with GB News at gbnews.com or on X @GBNEWS
Become a Friend of GB News: gbnews.com/friend
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Nigel Farage has been accused of lying to voters.
Speaking to Camilla Tominey on GB News, Shadow Housing Secretary Sir James Cleverly said the Reform UK leader “doesn’t want to be Prime Minister.”
He said: “He [Nigel Farage] doesn’t want to do the actual job. He wants to get the job title. He wants to prove to people that he could win the election. I don’t believe for a moment he actually wants to do the hard work, make the tough decisions.”
#NigelFarage #Reform #ukpolitics #GBNews
Keep up to date with GB News at gbnews.com or on X @GBNEWS
Become a Friend of GB News: gbnews.com/friend
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Business UK
David Lammy TORN APART as Labour release THOUSANDS of criminals early | Prime Minister’s Questions
Get an exclusive 15% discount on Saily data plans! Use code NEWS at checkout. Download Saily app or go to https://saily.com/NEWS
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‘When given the opportunity to apologise to victims, he very publicly failed to do so.’
Shadow Communities Secretary James Cleverly MP challenges Deputy Prime Minister David Lammy on Labour’s scheme to release prisoners early to tackle prison overcrowding.
#prison #pmqs #davidlammy #jamescleverly #justice #politics #nigelfarage #police #ukpolitics #uknews #gbnews
Keep up to date with GB News at gbnews.com or on X @GBNEWS
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Camilla Tominey grills Labour’s Steve Reed after he was seen cosying up to Andy Burnham just moments after Sir Keir Starmer announced his resignation on Monday.
The Houising Secretary has been a close ally of Starmer during his tenure in the Cabinet, but was quick to give his support to Burnham.
Speaking on GB News, Reed defended his actions, saying: “I’ve known Andy Burnham for the better part of 20 years.”
He added: “I’ve had various roles in the on the Labour frontbench, where I’ve been advocating for more devolution, and Andy and I have spoken regularly about devolution, empowering communities over that decade. Now Andy is going to become, I hope, a leader of our party and Prime Minister, and he’s going to put rocket boosters under the devolution agenda that we’ve already been pushing as part of a government.”
Firing back, host Camilla listed the numerous times Steve Reed had urged the Prime Minister not to stand down, calling it “extraordinary.”
#AndyBurnham #KeirStarmer #Labour #ukpolitics #GBNews
Keep up to date with GB News at gbnews.com or on X @GBNEWS
Become a Friend of GB News: gbnews.com/friend
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