In this paper we advertise the category of Γ-spaces as a convenient framework for doing ‘algebra’ over ‘rings’ in stable homotopy theory. Γ-spaces were introduced by Segal [Se] who showed that they give rise to a homotopy category equivalent to the usual homotopy category of connective (i.e. (−1)-connected) spectra. Bousfield and Friedlander [BF] later provided model category structures for Γ-spaces. The study of ‘rings, modules and algebras’ based on Γ-spaces became possible when Lydakis [Ly] introduced a symmetric monoidal smash product with good homotopical properties. Here we develop model category structures for modules and algebras, set up (derived) smash products and associated spectral sequences and compare simplicial modules and algebras to their Eilenberg–MacLane spectra counterparts.