What if the model is the problem?
Crisis after crisis. The experts didn’t see it coming. The maps don’t match the territory.
Steve Keen
Nice to meet you, Dr. Steve Keen
For 50 years, economist Steve Keen has built models that actually work—models that include debt, energy,…
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Two methodologies, one workflow: explore data with Ravel, build and simulate models with RavelSim.
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From the community who’ve learned to see what the mainstream can’t see.
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The official story vs reality
Four fundamental errors in orthodox economics.
Hover each card to see what the data actually shows.
Banking
Orthodox View
“Banks lend out savings”
The textbook story: depositors save, banks lend those savings to borrowers.
Banking
Reality
Banks create money from nothing
Loans create deposits, not the other way around. Confirmed by the Bank of England in 2014.
Energy
Orthodox View
Energy powers production
No energy, no economy. Thermodynamics constrains what’s possible.
Energy
Reality
Energy is the economy
GDP tracks energy use almost perfectly. Orthodox models treat it as a minor input—the data says otherwise.
Climate
Orthodox View
“Damage is manageable”
Economic models predict modest GDP impacts from even extreme warming.
Climate
Reality
Damage is existential
Orthodox models predict 3% GDP loss at 3°C. Real damages could be 10–20x worse once tipping points are included.
Government
Orthodox View
“Governments must tax & borrow to spend”
The household analogy: governments must balance budgets like families.
Government
Reality
Governments create money when they spend
A currency-issuing government can never run out of its own money. Taxes regulate demand, not fund spending.
These aren’t fringe ideas.
They’re what the data shows—when you build models that include banks, energy, and complexity.
Tools for observation, analysis and modeling
Two methodologies, one workflow: explore data with Ravel, build and simulate models with RavelSim — the compiled build of our open-source Minsky engine.
Ravel
See what spreadsheets hide. Multi-dimensional data analysis that reveals patterns across time, geography, and sectors.
- •Import central bank data, national accounts, climate series
- •Manipulate dimensions: indicator, freq, unit, date
- •Visualize relationships hidden in flat tables
Toolkit:
RavelSim
Model systems that never reach equilibrium—because that's how the real world works.
- •Stock-flow consistency built in—every flow accounted
- •Godley tables enforce sectoral balance integrity
- •Visual interface: see structure, not just equations
Toolkit:
Explore data in Ravel. Build models in RavelSim. Test against reality.
Learn. Build. Belong.
Your path forward
From curious beginner to practicing expert. Each stage builds on the last.
Stage 1 / Learn the framework
Foundations
7-week introduction to stock-flow consistent economics. No prerequisites—just curiosity about how the economy actually works.
— Understand monetary dynamics
— Read Godley tables
— Build basic models
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The Ravel Simulation Application
Download Windows and Macintosh builds of the open-source Minsky package, also known as the Ravel Simulation Application. This does not include the Ravel interactive manipulability data, and you won’t get access to the “Ravel user” or the “Ravel Fan” tier.
- •Digital downloads
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Ravel Fan
Don’t bother with the 7-day trial: I’m sold. Start exploring Ravel immediately with full access to all features and data tools.
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Join 2,600+ practitioners
Challenging orthodoxy together
From the community who’ve learned to see what the mainstream can’t see.
“Finally, economic models that actually match what I see in the real world. The stock-flow approach makes so much more sense than representative agent models.”
Alex L.
Policy Researcher
“Finally, economic models that actually match what I see in the real world. The stock-flow approach makes so much more sense than representative agent models.”
James M.
Economics PhD Student
“I've been trying to understand why mainstream models missed 2008. Steve's approach to debt dynamics finally gave me the tools to see what was happening.”
Sarah K.
Financial Analyst
“RavelSim lets me build models with feedback loops and non-equilibrium dynamics. It's what every system dynamics modeler wishes they had for economics.”
Alex L.
Policy Researcher
“Finally, economic models that actually match what I see in the real world. The stock-flow approach makes so much more sense than representative agent models.”
James M.
Economics PhD Student