Kate Raworth, a renegade economist, discusses the need for a new economic narrative. She proposes a donut-shaped model where the goal is to meet the needs of all within the means of the planet. The podcast explores measuring individual impact on planetary boundaries and challenges the belief in endless economic growth. It emphasizes the power of changing paradigms and aims to challenge established perceptions and narratives about economics.
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insights INSIGHT
Redefining Economics
Economics is more than just market forces; it's about household management at all levels.
This includes households, markets, states, and commons, all interacting dynamically.
insights INSIGHT
Economics' Physics Envy
Economics has narrowed its focus due to a desire to emulate physics, seeking "laws of motion."
This has led to oversimplified models and a neoliberal focus on market equilibrium.
question_answer ANECDOTE
Newtonian Economics
Early economists like Jevons modeled diagrams after Newton's physics, emphasizing equilibrium.
This physics-based approach shaped neoliberal thought, promoting laissez-faire markets.
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When you think about economics, what images come to mind? Maybe a supply and demand graph? Or a blackboard with complex equations scrawled across it? These images are based on a 19th century view of economics, one that is outdated and even dangerous, as we're beginning to see more and more. In this Upstream Conversation, we explore why the economy should look more like a doughnut. In her new book, Doughnut Economics, renegade economist Kate Raworth explains why it's time to explore new images that tell different stories about the economy. Kate walks us through the many aspects of her proposal for a new picture of economics, while discrediting some of the old assumptions and exploring new solutions. Our conversation moves readily from economic history to complexity, from system design to wealth inequality, and from poverty to…doughnuts.
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