Instead, we need a new framework - one that, yes, looks like a doughnut - designed to meet “the needs of all within the means of the planet.” For Raworth, getting global economies “into the doughnut” - the hitherto elusive space between well-being for everyone and ecological overshoot - should be the aim. Raworth was in Rotterdam to speak about the recent translation of her 2017 bestseller, Doughnut Economics: Seven Ways to Think Like a Twenty-First Century Economist, which argues that modern economics isn’t fit for the challenges of the twenty-first century. It was a characteristically ambiguous jab from Raworth, a self-described “renegade economist” at Oxford University who has a bone to pick with her peers in the field. ” she said - according to the Dutch newspaper De Telegraf, a comment made “half-jokingly, half-threateningly.” “Who is an economist or is currently taking an economics course?” she asked the audience.
And in the process, she creates a new, cutting-edge economic model that is fit for the 21st century – one in which a doughnut-shaped compass points the way to human progress.Īmbitious, radical and rigorously argued, Doughnut Economics promises to reframe and redraw the future of economics for a new generation.In winter 2018, the British economist Kate Raworth addressed a sold-out hall of 500 people in the Dutch city of Rotterdam. She highlights the dangers of ignoring the role of energy and nature’s resources – and the far-reaching implications for economic growth when we take them into account. She reveals how an obsession with equilibrium has left economists helpless when facing the boom and bust of the real-world economy. En route, she deconstructs the character of ‘rational economic man’ and explains what really makes us tick.
And its blind spots have led to policies that are degrading the living world on a scale that threatens all of our futures.Ĭan it be fixed? In Doughnut Economics, Oxford academic Kate Raworth identifies seven critical ways in which mainstream economics has led us astray, and sets out a roadmap for bringing humanity into a sweet spot that meets the needs of all within the means of the planet. Its out-dated theories have permitted a world in which extreme poverty persists while the wealth of the super-rich grows year on year. It has failed to predict, let alone prevent, financial crises that have shaken the foundations of our societies.
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