Doughnut Economics
Seven Ways to Think Like a 21st-Century Economist
By: Kate Raworth
About This Book
The book behind the hit TED Talk**The Sunday TimesBestseller**Economics is broken, and the planet is paying the price.Unforeseen financial crises. Extreme wealth inequality. Relentless pressure on the environment. Can we go on like this? Is there an alternative?In Doughnut Economics, Oxford academic Kate Raworth lays out the seven deadly mistakes of economics and offers a radical re-envisioning of the system that has brought us to the point of ruin. Moving beyond the myths of 'rational economic man? and unlimited growth, Doughnut Economics zeroes in on the sweet spot- a system that meets all our needs without exhausting the planet. The demands of the 21st century require a new shape of economics. This might just be it. *A Financial Timesand ForbesBook of the Year**Winner of the Transmission Prize 2018* *Longlisted for the FT/McKinsey Business Book of the Year Award 2017*'The John Maynard Keynes of the 21st century.? George Monbiot, Guardian'This is sharp, significant scholarship . . . Thrilling.? Times Higher Education'Raworth?s magnum opus . . . A fascinating reminder to business leaders and economists alike to stand back at a distance to examine our modern economics.? Books of the Year, Forbes'There are some really important economic and political thinkers around at the moment - such as Kate Raworth?s Doughnut Economics.? Andrew Marr, Guardian'An admirable attempt to broaden the horizons of economic thinking.? Martin Wolf, Books of the Year, Financial Times'A compelling and timely intervention.? Caroline Lucas MP, Books of the Year, The Ecologist
AI Overview
Overview of "Doughnut Economics" by Kate Raworth
Key Themes:
- Transition from GDP Growth: The book challenges the traditional focus on endless GDP growth, advocating for a more holistic approach to economic development.
- Sustainable Development: It emphasizes the need for sustainable development by combining the concepts of planetary boundaries and social boundaries.
- Visual Framework: The doughnut model, which Raworth developed, is a visual framework for sustainable development. It consists of a disc with a hole in the middle, where the center hole represents the proportion of people lacking access to essential services like healthcare and education, and the crust represents the ecological ceilings (planetary boundaries) that must not be overshot.
- Social Foundations: The book highlights twelve social foundations that are essential for human well-being, including jobs, education, food, access to water, health services, and energy.
- Equitable Space: The main goal is to create a safe and just space for humanity to thrive within planetary limits and an equitable social foundation.
Plot Summary: "Doughnut Economics" by Kate Raworth is not a narrative-driven book but rather a theoretical and conceptual work aimed at transforming economic thinking. The book presents seven ways to rethink economics for the 21st century, focusing on the need to balance human well-being with environmental sustainability. It critiques the conventional economic models and offers a new framework for understanding economic performance and setting new goals.
Critical Reception:
- Positive Reception: The book has been praised for its innovative approach to economics, offering a comprehensive framework for sustainable development. Critics appreciate the emphasis on combining social and environmental considerations in economic decision-making.
- Critical Perspectives: Some critics argue that the book overstates the crisis in traditional economics and that it does not provide a fully developed alternative economic system. They also suggest that the doughnut model is more of a conceptual tool than a practical solution for immediate economic challenges.
Book Details:
- Publication: The book was published in 2017.
- Author: Kate Raworth, a University of Oxford economist.
- Key Works: The doughnut model was first introduced in Raworth's 2012 Oxfam paper "A Safe and Just Space for Humanity" and further elaborated upon in her book "Doughnut Economics: Seven Ways to Think Like a 21st-Century Economist".
Overall, "Doughnut Economics" is a seminal work that challenges traditional economic thinking and offers a new paradigm for sustainable development, emphasizing the need for a balanced approach to human well-being and environmental sustainability.