🍩🌍⚖️ Doughnut Economics: Seven Ways to Think Like a 21st-Century Economist
🌍🍩⚖️ Challenge outdated growth-centric economic models with a visual framework where humanity thrives in a safe and just space between social foundations and ecological ceilings, necessitating regenerative and distributive design.
📝🐒 Human Notes
- 💸 Neo liberal economics
- 🗓️ 1947, Mont Pelerin Society
- 🚫 Laissez-faire
- 👨🏫 Friedrich Hayek
- 🎖️ Milton Friedman
- 🧐 Ludwig von Mises
- 💡 Frank Knight
- ✊ Anti totalitarianism
- 📈 Market fundamentalism
- 💰 Business & Billionaire funding
- 🏫 Funded university professorships & scholarships
- 🏛️ AEI
- 🗽 Cato
- 🇬🇧 IEA, London
- 🇺🇸 Reagan & 🇬🇧 Thatcher
- ➿💲 Systems thinking for economics
- 🌳 Healthy hierarchy
- 🤝 Self-organization
- 💪 Resilience
🤖 AI Summary
🍩 Core Philosophy: The Doughnut
- 📝 Definition: A visual framework for sustainable development, balancing human needs with planetary limits.
- 🧑🤝🧑 Inner Ring (Social Foundation): Minimum requirements for human well-being (e.g., food, water, education, health, equity, political voice) derived from UN Sustainable Development Goals.
- ⛰️ Outer Ring (Ecological Ceiling): Nine planetary boundaries (e.g., climate change, biodiversity loss, ocean acidification) not to be overshot.
- ✅ Safe and Just Space: The area between the rings where humanity can thrive sustainably.
🧠 Seven Ways to Think Like a 21st-Century Economist
- 🎯 1. Change the Goal: From GDP growth to thriving in the Doughnut.
- 🖼️ 2. See the Big Picture: Economy embedded in society and the living world.
- 🌱 3. Nurture Human Nature: From rational economic man to social, adaptable, interdependent beings.
- ⚙️ 4. Get Savvy with Systems: Recognize dynamic complexity, move beyond mechanical equilibrium.
- 🤲 5. Design to Distribute: From trickle-down to distributive by design (e.g., wealth, land, knowledge, technology).
- ♻️ 6. Create to Regenerate: From grow now, clean up later to regenerative by design (e.g., circular economy, renewable energy).
- ⚖️ 7. Be Agnostic about Growth: Acknowledge that nothing grows forever; aim for thriving, not endless growth.
⚖️ Evaluation
- 🌐 Holistic Framework: Doughnut Economics provides a compelling visual and conceptual framework for sustainable development, integrating social justice with ecological limits.
- ❌ Critique of Mainstream Economics: The book offers a strong critique of 20th-century neoclassical economic models, particularly their fixation on GDP growth and the rational economic man concept.
- 📖 Accessibility: Raworth excels at describing complex economic concepts in accessible terms, making it suitable as an addition to introductory economic texts.
- 🧭 Actionable Vision: The framework serves as a compass for human progress and a wake-up call to transform our capitalist worldview, inspiring initiatives in cities like Amsterdam.
- 📊 Measurement & Metrics: Traditional economic models rely on GDP; Doughnut Economics requires new, comprehensive social and environmental indicators.
- 🏛️ Political Will: Implementing the Doughnut model demands strong political will and a fundamental shift in worldviews, which can be difficult to achieve against entrenched interests.
🔍 Topics for Further Understanding
- 🛠️ Specific policy mechanisms and fiscal tools for transitioning to regenerative and distributive economies. See also: 🏦♾️📈💸 Modern Monetary Theory
- 🏙️ Detailed case studies of Doughnut Cities beyond initial conceptual adoption, examining concrete impacts and long-term viability.
- 🌍 The role of international governance and global institutions in facilitating a Doughnut Economy.
- 🤝 Intersectionality of Doughnut Economics with decolonial and feminist economic theories.
- 📈 Advanced quantitative modeling and data analytics for measuring progress within the Doughnut framework.
- 🧠 Behavioral economics interventions to shift individual and corporate consumption patterns towards sustainability.
❓ Frequently Asked Questions (FAQ)
💡 Q: What is the core idea behind Doughnut Economics: Seven Ways to Think Like a 21st-Century Economist?
✅ A: Doughnut Economics proposes an economic model that enables humanity to thrive by meeting everyone’s essential needs (social foundation) without overshooting the planet’s ecological limits (ecological ceiling).
💡 Q: Who wrote Doughnut Economics: Seven Ways to Think Like a 21st-Century Economist?
✅ A: The book was written by Kate Raworth, an Oxford economist and co-founder of the Doughnut Economics Action Lab.
💡 Q: What are the seven ways Kate Raworth suggests for rethinking economics?
✅ A: Kate Raworth proposes changing the goal from GDP to the Doughnut, seeing the big picture, nurturing human nature, getting savvy with systems, designing to distribute, creating to regenerate, and being agnostic about growth.
💡 Q: Has Doughnut Economics: Seven Ways to Think Like a 21st-Century Economist been implemented in practice?
✅ A: Yes, cities like Amsterdam have adopted the Doughnut model as a framework for their urban development strategies, aiming to balance social well-being and ecological sustainability.
💡 Q: How does Doughnut Economics address environmental concerns?
✅ A: Doughnut Economics places Earth’s ecological limits (planetary boundaries) as an outer ring, emphasizing the need for economies to operate regeneratively and distributively to avoid climate change, biodiversity loss, and other environmental degradation.
📚 Book Recommendations
➕ Similar
- 📉🌎 Less is More: How Degrowth Will Save the World by Jason Hickel
- 💰🏭🌍 The Value of Everything: Making and Taking in the Global Economy by Mariana Mazzucato
- 🌐🔗🧠📖 Thinking in Systems: A Primer by Donella H. Meadows
🆚 Contrasting
- 🌎👎👑💰🏚️ Why Nations Fail: The Origins of Power, Prosperity, and Poverty by Daron Acemoglu and James A. Robinson
- 💸 The Wealth of Nations by Adam Smith
- 💰📈🌍⏳ Capital in the Twenty-First Century by Thomas Piketty
🔗 Related
- 🌍🔥💡 How to Avoid a Climate Disaster: The Solutions We Have and the Breakthroughs We Need by Bill Gates
- 🦋♟️ Emergent Strategy: Shaping Change, Changing Worlds by adrienne maree brown
- 🌱 Systems Thinking for Sustainable Development by Edward Saja Sanneh
🫵 What Do You Think?
🤔 Which of the seven ways to think like a 21st-century economist do you find most compelling?