Kate Raworth has now produced a book outlining her ‘doughnut economics’ prescription for re-casting growth neoliberal economics to take account of the damaging environmental and social impact of current economic practice. This article summarises the main points of the doughnut economics model – “Seven ways to think like a 21st century economist”.
The challenge now is to create local to global economies that ensure that no one falls short on life’s essentials – from food and housing to healthcare and political voice – while safeguarding Earth’s life-giving systems, from a stable climate and fertile soils to healthy oceans and a protective ozone layer.
Here is Jeremy Williams’ review of “Doughnut Economics” which he claims will become an important challenge to conventional economic assumptions about the efficacy of infinite growth. Raworth assumes an ‘agnostic about growth’ stance. George Monbiot here has speculated that it could be that the doughnut model will eventually rival the impact of Keynes’ economic thinking.
Bill Scott here expresses reservations about the concept of ‘boundaries’ used by Raworth in the doughnut model. Planetary boundaries are physical and arise from natural laws whereas economic indicators such as the definition of poverty are essentially socially constructed and thus more subjective.