Archive: Doughnut Economics, with Kate Raworth

14 snips

May 5, 2024

Kate Raworth, an acclaimed economist from Oxford University and author of 'Donut Economics', presents a fresh framework for sustainable growth. She discusses how traditional economic education often fails to address ecological and societal needs. Raworth emphasizes the balance between fulfilling human requirements and respecting planetary limits. She advocates for innovative economic models that incorporate altruism and systems thinking, aiming for a transformative approach that fosters equity and environmental sustainability.

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ANECDOTE

Donut's Unexpected Success

Kate Raworth's "Donut Economics" paper gained unexpected traction after a presentation at the RSA.
People were drawn to the visual representation of the donut, sparking new conversations.

INSIGHT

Power of Visual Framing

Visual framing in economics, like the circular flow diagram, silently shapes our worldview.
Raworth emphasizes the need to "paint over" these outdated images with new, insightful ones.

ANECDOTE

The Circular Flow Diagram

Paul Samuelson's circular flow diagram, designed for engineers, became the standard economic model.
This model depicts the economy as self-contained, ignoring its dependence on the environment.

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Donut Economics

Seven Ways to Think Like a 21st-Century Economist

Kate Raworth

Kate Raworth's "Doughnut Economics" proposes a new economic model that prioritizes social and ecological well-being. It challenges the traditional focus on GDP growth, advocating for a system that operates within planetary boundaries while ensuring a minimum standard of living for all. The model is visualized as a doughnut, with an inner ring representing social needs and an outer ring representing ecological limits. Raworth's work has gained significant attention, influencing discussions on sustainable development and economic justice. The book offers a compelling alternative to conventional economic thinking, emphasizing the interconnectedness of social and environmental issues.

Thinking in systems

A Primer

Diana Wright

Donella Meadows

This book introduces readers to systems thinking, a critical skill for 21st-century life. It explains how to understand and interact with complex systems, highlighting the importance of internal system structures and feedback loops. The book is divided into sections on system structures and behavior, the relationship between systems and humans, and strategies for creating change within systems. It aims to help readers develop a deeper understanding of systems to address global issues such as climate change, poverty, and social inequalities.

The Wealth of Nations

Adam Smith

Published in 1776, 'The Wealth of Nations' is Adam Smith's magnum opus that laid the groundwork for modern economics. The book critiques mercantilist economic theories and introduces the concept of the 'invisible hand,' which describes how individual self-interest leads to societal benefit. It emphasizes the division of labor, the accumulation of capital, and the importance of free markets. Smith argues that a nation's wealth is not measured by its gold and silver reserves but by the stream of goods and services it produces. The book also outlines the core functions of government, such as maintaining defense, enforcing civil law, and promoting education, while advocating for limited government intervention in market activities.

1984

None

George Orwell

Published in 1949, '1984' is a cautionary tale by George Orwell that explores the dangers of totalitarianism. The novel is set in a dystopian future where the world is divided into three super-states, with the protagonist Winston Smith living in Oceania, ruled by the mysterious and omnipotent leader Big Brother. Winston works at the Ministry of Truth, where he rewrites historical records to conform to the Party's ever-changing narrative. He begins an illicit love affair with Julia and starts to rebel against the Party, but they are eventually caught and subjected to brutal torture and indoctrination. The novel highlights themes of government surveillance, manipulation of language and history, and the suppression of individual freedom and independent thought.

Economics

The Remarkable Story of How the Economy Works

Ben Mathew

Radical Help

How We Can Remake the Relationships Between Us and Revolutionise the Welfare State

Hilary Cottam

Radical Help argues that the current welfare system is outdated and suggests a new approach centered on fostering human capabilities and relationships. The book outlines experiments conducted under the 'Participle' project, which aimed to redesign social services by empowering individuals and communities. It emphasizes the importance of relational care and capability development in creating a more effective and sustainable welfare system.