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Economics is the mother tongue of public policy. It dominates our decision-making for the future, guides multi-billion-dollar investments, and shapes our responses to climate change, inequality, and other environmental and social challenges that define our times.
Pity then, or more like disaster, that its fundamental ideas are centuries out of date yet are still taught in college courses worldwide and still used to address critical issues in government and business alike.
That’s why it is time, says renegade economist Kate Raworth, to revise our economic thinking for the 21st century. In Doughnut Economics, she sets out seven key ways to fundamentally reframe our understanding of what economics is and does. Along the way, she points out how we can break our addiction to growth; redesign money, finance, and business to be in service to people; and create economies that are regenerative and distributive by design.
Named after the now-iconic “doughnut” image that Raworth first drew to depict a sweet spot of human prosperity (an image that appealed to the Occupy Movement, the United Nations, eco-activists, and business leaders alike), Doughnut Economics offers a radically new compass for guiding global development, government policy, and corporate strategy, and sets new standards for what economic success looks like.
Raworth handpicks the best emergent ideas―from ecological, behavioral, feminist, and institutional economics to complexity thinking and Earth-systems science―to address this question: How can we turn economies that need to grow, whether or not they make us thrive, into economies that make us thrive, whether or not they grow?
Simple, playful, and eloquent, Doughnut Economics offers game-changing analysis and inspiration for a new generation of economic thinkers.
- Sales Rank: #10003 in Books
- Published on: 2017-03-22
- Original language: English
- Dimensions: 9.10" h x 1.30" w x 6.40" l,
- Binding: Hardcover
- 320 pages
Review
Publishers Weekly-
"This sharp, insightful call for a shift in thinking from economist Raworth posits that a long-overdue intellectual revolution has finally begun. According to her, the established model of economic thought no longer satisfies economics students, who are calling out for change; the education they’re receiving is out of pace with current economic realities. To formulate a better model, Raworth reversed the way she’d previously looked at economics. Rather than relying on established truisms, she laid out long-term goals for humankind and worked to figure out how economic thinking would allow us to achieve them. The result is a diagram consisting of a series of rings around a hollow center—the titular doughnut. Raworth places a 'safe and just space for humanity' in a ring between a social foundation and an ecological ceiling, leaving human deprivation and planetary degradation, respectively, in the doughnut ‘hole' and outside the doughnut. The plan to move forward consists of seven ideas, such as shifting the goal of economists from addressing financial to humanitarian concerns, recognizing ecology as a significant factor in economic growth, responsibly redistributing wealth, and so on. This is a highly optimistic look at the global economy, and Raworth’s energetic, layperson-friendly writing makes her concept accessible as well as intriguing.”
“I read this book with the excitement that the people of his day must have read John Maynard Keynes’s General Theory. It is brilliant, thrilling, and revolutionary. Drawing on a deep well of learning, wisdom, and deep thinking, Kate Raworth has comprehensively reframed and redrawn economics. It is entirely accessible, even for people with no knowledge of the subject. I believe that Doughnut Economics will change the world.”―George Monbiot, author; columnist at The Guardian
“This is truly the book we’ve all been waiting for. Kate Raworth provides the antidote to neoliberal economics with her radical and ambitious vision of an economy in service to life. Given the current state of the world, we need Doughnut Economics now more than ever.”―L. Hunter Lovins, president and founder, Natural Capitalism Solutions
“What if it were possible to live well without trashing the planet? Doughnut Economics succinctly captures this tantalising possibility and takes up its challenge. Brimming with creativity, Raworth reclaims economics from the dust of academia and puts it to the service of a better world.”―Tim Jackson, author of Prosperity without Growth
“Can anyone seriously suppose that today’s economic orthodoxies are going to bring the world back from the brink of chaos? We need to fundamentally rethink the way we create and distribute wealth, and Kate Raworth’s Doughnut Economics provides an inspiring primer as to how we must now set about that challenge. I hope it ushers in a period of intense debate about the kind of economy we now so urgently need.”―Jonathon Porritt, author of The World We Made;�founding director, Forum for�the Future
“Not long ago, well-known development economist Kate Raworth’s Doughnut graphic became an overnight sensation. Now this marvelous book clearly and succinctly explains her re-envisioning of the economy. On a bookshelf crowded with attempts to reframe economic thinking and the way forward, this book stands out―brilliantly.”―Juliet Schor, author of�Plentitude
“Economics rightly is under the microscope. Kate Raworth’s insightful Doughnut is what every budding economist should�see when they first peer down the lens.”―John Fullerton, founder and president, Capital Institute�
About the Author
Kate Raworth is a renegade economist focused on exploring the economic mindset needed to address the 21st century’s social and ecological challenges. She is a senior visiting research associate and advisory board member at Oxford University’s Environmental Change Institute and teaches in its masters program for Environmental Change and Management. She is also senior associate of the Cambridge Institute for Sustainability Leadership and a member of the Club of Rome. Over the past 20 years Raworth has been a senior researcher at Oxfam, a co-author of UNDP’s annual Human Development Reports and a fellow of the Overseas Development Institute, working in the villages of Zanzibar. She is also on the advisory board of the Stockholm School of Economics’ Global Challenges Programme and Anglia Ruskin University’s Global Resource Observatory. Kate lives in Oxford, England.
Most helpful customer reviews
6 of 6 people found the following review helpful.
Wonderful book
By JIm H
I was a little skeptical at the thought of another book on economics, so I opted for the cheaper kindle version. After twenty minutes with the book, I was so impressed that I also ordered the hard back version so that our hard-pressed library can have a copy.
I've realized recently that our way of thinking about economics has led into a political cul-de-sac. This book has answers that ring true.
3 of 3 people found the following review helpful.
the eve of Good Friday, went to bed at 3am on Good ...
By Van Tuan Nguyen
Got my Kindle copy on Thursday evening, the eve of Good Friday, went to bed at 3am on Good Friday morning. Could not put it down.
Just as Quantum Mechanics describes the physical reality at the Planck scale, and General Relativity describes the physical reality of a 13.4 billion years old universe, Doughnut Economics is an uplifting, inspirational road map to a just and abundant society of humans deeply embedded in the circle of life on planet Earth. I only wish that it was available to me in 1984, when I was doing my MBA at the University of Auckland, and struggling to make sense of Econ 101, and Corporate Finance.
24 of 26 people found the following review helpful.
Don't believe the trolls: this book is brilliant
By L. Hunter Lovins
The review that trashes this book is clearly written by a troll. It is an embarrassingly bad misreading of what the book really says. Economics students will love it. Economics profs...well, not so much, at least those who have taught the stuff that crashed the economy in 2008, which, I'll wager is the discipline of the troll.
Doughnut Economics is built on a powerful core concept - 'the Doughnut' - the sweet spot below the planetary boundaries yet above the minimums needed for human life of sufficiency and dignity. The image depicts what Raworth calls humanity's goal for the 21st century: 'meeting the needs of all within the means of the planet' and then asking what kind of economic mindset would give us a chance of achieving that goal. It is precisely the book that the economics discipline has been lacking, which is why traditional economists may find it hard to grasp.
Part of the book's originality lies in revealing the power of imagery and visualization in economics, as the book tells the story of old and new economics through their most iconic images.
The book creates a synergy between different kinds of new economic thinking, from ecological to complexity and institutional. It gives an excellent overview for readers who are new to these alternative economic approaches, but also shows what happens when they interact.
The book shows how the core concepts of 19th and 20th century economics set the stage for the neoliberal narrative that has dominated economic policymaking since the 1980s, and is now bringing humanity to the edge of a cliff..
It's written in a highly accessible and amusing style that anyone can understand - there's no prior need for an economics education here. In fact, having one might just blind some readers to the clarity of Raworth's thinking.
In the era of nationalist populism, we need this book more than ever. It offers a powerful alternative vision of the kind of economy that we ought to create.
I recommend this book to everyone who is interested in crafting an economics that works for everyone, a world that we can leave to our grandchildren and the sort of world you might want to live in. Buy two and share one with a friend. You'll be doing your part to build a better world.
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