things owned collectively by everyone, such as the knowledge in Wikipedia). Instead of viewing markets as isolated, Raworth points out the importance of considering other segments of the economy: households, governments and the commons (i.e. Staying within the Doughnut – the “safe and just space for humanity”, as the book puts it – means guaranteeing minimum social welfare while avoiding excessive environmental damage. On the other hand, if people cannot meet their basic needs such as food, housing and education, then we have fallen inside the inner ring of the Doughnut.īoth social and environmental impacts have to be measured across a range of different factors – climate change, biodiversity, health, energy access and more. If resource use and environmental pollution are so high that they damage the planet, then the economy is stepping above the planet’s ecological ceiling – going outside the outer ring of the Doughnut. Raworth pictures the economy as two circles, one within the other – pictured on the book’s cover. That’s where the book’s namesake, the Doughnut, steps in (or should that be rolls in?). For example, how is wealth distributed? What quality of life do people have?
The push for endless economic growth shapes much of today’s economy, but Raworth points out that this narrow measurement ignores many of the important functions of any economic system. Three questions I have after reading the book.Three key lessons I took from Doughnut Economics.An overview of the seven principles proposed by Raworth.
In their place, she proposes a new set of seven principles to guide us towards an economic system that works for both people and planet. In the book, released last year, economist and researcher Raworth peels back the layers of outdated assumptions that underpin our current economic system.
Economics needs a major rethink, according to Kate Raworth, author of Doughnut Economics.
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