Doughnut Economics: Seven Ways to Think Like a 21st-Century Economist
(Random House, 2017)
I doubt many people would have betted that this year’s hot new concept for a healthy economy would be that bad food staple, the doughnut. But with the publication of Kate Raworth’s book, it’s come to pass. The idea of the ‘doughnut’ is that there is (1) a lower social limit for human flourishing, beneath which welfare is limited by shortfalls in such things as food, education and housing, and (2) an outer ecological limit for human flourishing, beyond which welfare is limited by overshoot in such things as climate change, ocean acidification and nitrogen and phosphorous loading. These two limits constitute respectively the inner and outer rings of the ‘doughnut’, the sweet spot within which humanity must try to remain. I have to confess I’m not greatly moved by the metaphor, which doesn’t seem to go much beyond the truth that individually people can have too little, and collectively they can take too much. And too much of what – is there really a conceptual equivalence between taking too much water or fossil energy, and taking too much health, as Raworth’s ‘doughnut’ diagram (p.51) seems to imply? Whatever the case, she hangs a lot of sensible and lucid analysis off the concept in a genuinely thought-provoking, if for me ultimately unsatisfactory, book.
In the first part of the book Raworth dissects orthodox economic theory, showing how it frames the world in questionable but powerful and largely hidden ways that buttress right-wing, ‘free’ market politics, while silencing other modes of thinking.
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