Learn 50+ Years of Economics in Only 7 Weeks, by applying here: https://www.stevekeen.com

(Plus get Ravel — the economic visualization software used in this video — as a bonus if you’re accepted and join.)

Why are mainstream economists still teaching the same theories that failed to predict the 2008 Global Financial Crisis? According to renowned economist Steve Keen, the answer lies in a fatal obsession with "equilibrium." While the real world is defined by disruption, volatility, and constant change, neoclassical economics relies on a stagnant model that assumes markets always return to a state of balance, a belief that even the creators of those theories eventually abandoned.

In this video, Steve Keen breaks down why the "equilibrium" mindset is not just mathematically primitive, but dangerous. He explains how this flawed methodology ignored the role of private debt and banking, leading directly to the 2008 crash and the deeply imbalanced economy we face in 2026. Using his proprietary Ravel software and complex system dynamics, Keen demonstrates that capitalism is inherently cyclical and unstable, requiring a radical shift toward "Rebel Economics" to understand the shocks and disturbances of the real world.

Dr. Steve Keen dismantles the myth of self-correcting markets and reveals how relying on micro-foundations to explain macroeconomics is a scientific fallacy. From the warnings of Irving Fisher to the modern breakthroughs of system dynamics, this video provides a roadmap for an economics that actually works.

What You’ll Learn:

✅ The Equilibrium Myth: Why the very people who invented equilibrium thinking (Fisher and Hicks) later rejected it.

✅ Why the 2008 Crash Was "Invisible": How neoclassical models are designed to ignore the dark corners of financial chaos.

✅ Chaos Theory & Economics: How Edward Lorenz’s discoveries in meteorology prove that real-world systems are normally far from equilibrium.

✅ The 4 Incontestable Definitions: A superior way to build macroeconomics using wages, employment, private debt, and government deficits.

✅ Minsky’s Financial Instability Hypothesis: Why private debt—not government spending—is the true engine of economic breakdown.

✅ The Role of "Big Government": How counter-cyclical spending acts as a stabilizer for an inherently unstable system.

What did you think of the critique of neoclassical "micro-foundations"? Share your thoughts on whether equilibrium has any place in modern policy below.

Subscribe for reality-based economics.

Like if this clarified why the "consensus" of economists is often wrong.

Share to help others move beyond textbook myths and understand the true dynamics of debt.

Who is Dr. Steve Keen?

Dr. Steve Keen is an influential economist who has dedicated over 50 years to challenging mainstream economic theories. Since his days as a university student, he has been engaged in a David vs. Goliath battle against conventional economic models. Holding a Ph.D. in economics, Dr. Keen is well-known for his critical analysis and advocacy for more realistic economic approaches.

Curious minds, engineers, and finance professionals will appreciate his methodical breakdown of economic phenomena and his development of the Minsky and Ravel software, which model financial instability through the lens of complex systems theory. Dr. Steve Keen’s work is essential for anyone seeking a deeper understanding of the forces that drive booms, busts, and the evolution of the global economy.

Again, learn 50+ Years of Economics in Only 7 Weeks, by applying here: https://www.stevekeen.com

#moneycreation #equilibrium #systemdynamics #privatedebt #economics #macroeconomics #financialcrisis

How mainstreams are collapsing the economy: Top Economist Explains

Rebel Economics with Dr. Steve Keen