Can Donut Economics Change How We View Progress? - Kate Raworth, DSPod #252
May 30, 2024
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Economist Kate Raworth discusses 'donut economics' that balance human needs with planetary limits. They tackle redefining economic growth, regulatory challenges, and transitioning to sustainable economies. Explore consumerism's impact on society, regenerative farming, and sustainable practices in urban transformations and air travel.
Donut economics emphasizes balancing human needs with planetary limits for sustainable growth.
Evaluating human development should go beyond GDP to address poverty, inequality, and societal well-being.
Promoting mindful consumption and regenerative practices is crucial for long-term sustainability and holistic living.
Reimagining economic systems to prioritize ecological harmony is essential for humanity and the planet's well-being.
Deep dives
Donut Economics Framework for Sustainable Development
The concept of donut economics, introduced by economist Kate Raworth, emphasizes the need to consider more than just traditional market dynamics in global financial and social growth. The framework highlights the importance of addressing human development by ensuring that individuals in poverty have access to essential resources like healthcare, housing, and employment without surpassing planetary boundaries. By focusing on balancing poverty alleviation with ecological sustainability, the donut economics model aims to create a more humane economic workflow that benefits society as a whole.
Challenges of GDP as a Measure of Well-being
The podcast delves into the limitations of using GDP as a sole indicator of a country's well-being, highlighted by economist Michael Hudson. GDP fails to capture crucial factors like individual debt, wealth inequality, and contributions to financial institutions. This approach can lead to apparent economic growth masking deep-rooted societal deprivation, emphasizing the need to assess broader metrics beyond traditional financial markers.
Critique of Consumerism and Proposal for Sustainable Solutions
The discussion challenges rampant consumerism driven by material acquisition, advocating for a shift towards more sustainable and mindful consumption patterns. It questions the long-term viability of continual growth in a finite world, urging individuals to reassess their values and choices. Proposals focus on integrating ecological awareness, reducing waste, and adopting regenerative practices to align with a more holistic and sustainable lifestyle.
Balancing Economic Growth with Environmental Conservation
Addressing the dilemma of reconciling economic growth with environmental preservation, the podcast explores the intricacies of integrating humans into ecological ecosystems sustainably. It navigates the tension between human progress and nature conservation, highlighting the importance of reshaping economic systems to prioritize ecological harmony. By reimagining our relationship with the environment and acknowledging interconnectivity, it seeks to forge a path towards holistic well-being for both humanity and the planet.
Importance of Indigenous Communities in Biodiversity Conservation
Indigenous people, though comprising only 6% of the world's population, reside in regions containing 80% of global biodiversity. Their interdependent lifestyle cultivates biodiversity, emphasizing the need to integrate rather than remove them for conservation. Redesigning urban and rural living towards regenerative practices is essential to combat degenerative industrial systems and recognize the value of resources.
Shift Towards Regenerative Economy and Sustainable Practices
Transitioning to regenerative economies involves redesigning how resources are used sustainably. This includes creating plastics that biodegrade and implementing regenerative farming practices. Consumers can contribute to a better world by supporting regenerative farms and environmentally conscious companies, promoting healthier, more nutritious products.
Community-led Transformations in Urban Planning and Transportation
Communities play a pivotal role in reshaping urban spaces for sustainability. Initiatives like creating car-free zones, dedicated bus lanes, and promoting public transportation can enhance communal well-being and reduce environmental impact. Municipal systems need to adapt to prioritize sustainable urban design, fostering community engagement and long-term well-being.
Kate Raworth is an Economist best known for “donut economics,” a model that attempts to map the balance between essential human needs and planetary boundaries. She proposes that the last few hundred years of economic theories were created with a monomaniacal focus on growth that was only possible on a planet with relatively untapped natural resources. After more than two hundred years of industrial development, older economic theories cannot be applied to the necessities of today. Namely, a sustainable material economy for the generations yet to come. We talk about what an economic system that provides for everyone’s basic humans needs can look like, places that have started putting donut economics to use, and how to balance personal responsibility with survival in an unjust system. Check out more of Kate Raworth's work at the Donut Economics Action Lab: https://doughnuteconomics.org/about-doughnut-economics
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00:00 Go!
00:04:33 Economics as moral philosophy
00:06:59 How do you measure human development?
00:10:19 Why don't we economically develop "developed" countries
00:13:36 Donut economics
00:20:50 Regulation as friend of foe?
00:31:17 Michael Hudson & GDP failures
00:42:57 Feeding the economic algo
00:53:34 Escaping the market
01:05:20 Democratic spending
01:14:10 Siingle handed top down effectiveness
01:23:29 Applying Donut Econ
01:31:00 Air traffic is mostly private flights
01:36:27 Convenience vs. doing the right thing
01:41:49 Voting with your credit card
#sciencepodcast #DoughnutEconomics #SustainableEconomics #PlanetaryBoundaries #HumanNeeds #EconomicTheory #GreenEconomics #CircularEconomy #SocialFoundations #EnvironmentalCeiling #EconomicJustice
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