Doughnut Economics succinctly captures this tantalising possibility and takes up its challenge. The central premise of Doughnut Economics is that humanity’s 21st century goal should be to end poverty for all, and do so within the means of the living planet. Doughnut Economics: Seven Ways to Think Like a 21st-Century Economist: K. Raworth: 9781847941398: Books - Amazon.ca In other words, each market had to have one single, stable point of equilibrium, just as a pendulum has only one point of rest. For the twenty-first century a far bigger goal is needed: meeting the human rights of every person within the means of our life-giving planet.”, “Economics is the mother tongue of public policy,”, “Homo sapiens, it turns out, is the most cooperative species on the planet, outperforming ants, hyenas, and even the naked mole-rat when it comes to living alongside those who are beyond our next of kin.”, “In the words of the systems thinker John Sterman, ‘The most important assumptions of a model are not in the equations, but what’s not in them; not in the documentation, but unstated; not in the variables on the computer screen, but in the blank spaces around them’.”, “For the first time, ending human deprivation is becoming as much a question of tackling national distribution as of international redistribution, argues Andy Sumner, the expert who crunched the data on where the world’s poorest people now live.”, “The essence of that industrial system is the cradle-to-grave manufacturing supply chain of take, make, use, lose: extract Earth’s minerals, metals, biomass and fossil fuels; manufacture them into products; sell those on to consumers who—probably sooner rather than later—will throw them ‘away’.”, “This ubiquitous industrial model has delivered strong profits to many businesses and has financially enriched many nations in the process. If you can eliminate all toxic materials from your production process, why not introduce health-enhancing ones in their place? Doughnut Economics Quotes Showing 1-30 of 236 “Depicting rational economic man as an isolated individual – unaffected by the choices of others – proved highly convenient for modelling the economy, but it was long questioned even from within the discipline. 2 Reviews. We have to account for unpaid work, for non-monetary costs (externalities), and where the energy for the widgets are going to come from? Let’s call it a 'Doughnut'. Instead of aiming merely to ‘do less bad’, industrial design can aim to ‘do more good’ by continually replenishing, rather than more slowly depleting, the living world. English. Economics runs on images. Doughnut Economics presents a genuine case for a global reform and a rebalancing of resources. The final chapter offers an eloquent pitch, “Doughnut Economics sets out an optimistic vision of humanity’s common future: a global economy that creates a thriving balance thanks to its distributive and regenerative design.” There could be no better place … In Doughnut Economics, Oxford academic Kate Raworth lays out the seven deadly mistakes of economics and offers a radical re-envisioning of the system that has brought us to the point of ruin. Considers the shape of a doughnut as a guide to understanding how a modern, globalized economic system is interconnected but can serve people fairly and lead to happier, more fulfilled humans. I started reading this book with interest, looking forward to discovering some new, thought provoking ideas. A Financial Times "Best Book of 2017: Economics”. If you want to look deeper into the Doughnut, and Doughnut Economics, join us at Doughnut Economics Action Lab where we dive into much more detail on what it means for transforming our economies. The boys are back in town, after a well-earned Easter break, bringing your fresh ideas and even fresher takes to resist the crushing anxiety of a world gone mad. And some has been stored up since ancient times, particularly the fossil fuels of oil, coal and gas. We follow social norms, typically preferring to do what we expect others will do and, especially if filled with fear or doubt, we tend to go with the crowd. In Doughnut Economics, Oxford academic Kate Raworth lays out the seven deadly mistakes of economics and offers a radical re-envisioning of the system that has brought us to the point of ruin. Raworth is the author of Doughnut Economics: seven ways to think like a 21st-century economist. Doughnut Economics is Raworth's critique of how the field of economics has fallen short in addressing the major issues of the 21st century. Unforeseen financial crises. 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 … Hong Kong Review of Books. They are about corruption, blood, slavery, survivalism, espionage and a drifting second-world-war veteran Published in 2017, her book points out that income inequality is extreme, billions live in abject poverty, and ecological destruction is worsening. . It’s a powerful warning to other birds: leave your nest unattended and it may well get hijacked.”, “In the twentieth century, economics lost the desire to articulate its goals: in their absence, the economic nest got hijacked by the cuckoo goal of GDP growth.”, “What if every company strategised around a Doughnut table, asking itself: is our brand a Doughnut brand, whose core business helps to bring humanity into that safe and just space? Everyone read this (and other books like it). 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. To order a copy for £17, go to bookshop.theguardian.com or … Following his lead, Aristotle distinguished economics from chrematistics, the art of acquiring wealth—in a distinction that seems to have been all but lost today.”, “No industrial loop can recapture and reuse 100 percent of its materials: Japan impressively recycles 98 percent of metal used domestically, but there’s still an elusive 2 percent leaking from that loop. That dynamic is then reinforced through political influence—from corporate lobbying to campaign financing—that further promotes the interests of the already wealthy. This system that favours a small political and financial elite who make decisions based on a narrow range of interests and desires and I think that you could argue that economic theory has remained just a theory. Doughnut Economics is a really cute title. And while history often repeats itself, author Kate Raworth challenges that idea in her book, "Doughnut Economics." It has failed to predict, let alone prevent, financial crises that have shaken the foundations of our societies. A Financial Times "Best Book of 2017: Economics”. Removing this book will also remove your associated ratings, reviews, and reading sessions. To order a copy for £17, go to bookshop.theguardian.com or call … 959k members in the Economics community. . Ambitious, radical and rigorously argued, Doughnut Economics promises to reframe and redraw the future of economics for a new generation. The book starts by stating how important the visual representation of economic theories is and that all key metrics and graphs in conventional use are basically wrong. This is visually represented by a doughnut! Economics is broken, and the planet is paying the price. At the end of the nineteenth century, the sociologist and economist Thorstein Veblen berated economic theory for depicting man as a ‘self-contained globule of desire’, while the French polymath Henri Poincaré pointed out that it overlooked ‘people’s tendency to act like sheep’.31 He was right: we are not so different from herds as we might like to imagine. ‘It is being bad, just less so.’19 And once you think about it, pursuing mission zero is an odd vision for an industrial revolution, as if intentionally stopping on the threshold of something far more transformative. by Kate Raworth. Doughnut Economics : Seven Ways to Think Like a 21st-Century Economist. En route, she deconstructs the character of ‘rational economic man’ and explains what really makes us tick. Ours is the era of the planetary household—and the art of household management is needed more than ever for our common home.”, “If only—just before that apple fell—young Isaac had also marvelled at how it grew: in a fascinating, ever-evolving interplay of trees and bees, sun and leaves, roots and rain, blossom and seeds. Moving beyond the myths of ‘rational economic man’ and unlimited growth, Doughnut Economics zeroes in on the sweet spot: a system that meets all our needs without exhausting the … Simple, playful, and eloquent, Doughnut Economics offers game-changing analysis and inspiration for a new generation of economic thinkers. Published April 6th 2017 by Random House Business. Some has been stored in recent times, like the energy bound up in crops, livestock and trees. We have to understand that banks are not just neutral players in the system, but that they create money. Buy on Amazon Buy on Walmart. 1-16 of over 10,000 results for Books: Business & Economics: Economics: Macroeconomics Doughnut Economics: Seven Ways to Think Like a 21st-Century Economist 30 November 2017 | Unabridged We cannot rely on GDP growth forever and at all costs. A *** review may thus be a little odd, but let me explain with reference to the broader discussions about the book. 800 … (I have written two myself ;)) We need to rethink our economic systems. By changing the fundamental images that define economic models. please sign up The language of economics is built upon the iconic imagery of supply and demand curves, circular flow models, GDP growth curves and IS-LM models. Doughnut Economics: Seven Ways to Think Like a 21st-Century Economist. After all, if your factory can produce as much energy and clean water as it uses, why not see if it could produce more? It is unfortunately not the only cringeworthy aspect of this book. However, most positive reviews in Goodreads … Moving beyond the myths of 'rational economic man' and unlimited growth, Doughnut Economics zeroes in on the sweet spot: a system that meets all our needs without exhausting the planet. The book is a game-changer. One”, “For over 70 years economics has been fixated on GDP, or national output, as its primary measure of progress. Extreme wealth inequality. We don't have much left in the way of environmental. Share. Billions of people still fall far short of their most basic needs, but we have already crossed into global ecological danger zones that profoundly risk undermining Earth’s benevolent stability”, “EARTH, which is life giving—so respect its boundaries Far from floating against a white background, the economy exists within the biosphere—that delicate living zone of Earth’s land, waters and atmosphere. The costs are huge and irreparable. Towards the end of his life he turned his attention to the next level up, the economics of the city state, and proposed a set of trade, tax and public investment policies for his home town of Athens. If we are talking about a floor and a ceiling to economic development, how is that best described by two circular rings? Economics runs on images. In Piketty’s words, ‘Capitalism automatically generates arbitrary and unsustainable inequalities that radically undermine the meritocratic values on which democratic societies are based.”, “This stark picture of humanity and our planetary home at the start of the twenty-first century is a powerful indictment of the path of global economic development that has been pursued to date. We cannot rely on GDP growth forever and at all costs. Need some help planning your summer reading? Businesses often assume that their only mission is profit. The economists at the London School of Economics were quite embarrassed when the Queen asked how they managed to totally miss the 2008 financial crash. It then describes the optimal economic development as “a social foundation of well-being that no one should fall below and an ecological ceiling of planetary pressure that we should not go beyond”. Doughnut Economics received above four stars on average from readers in Goodreads, suggesting that it struck a chord with the right target audience. This takeover tactic works: the foster parents busily feed their oversized tenant as it grows absurdly large, bulging out of the tiny nest it has occupied. One of the best TED talks from this year: Raworth’s book has in recent months met either raving or scathing critiques. Doughnut Economics Summary – If it’s human to err, economists are just like the rest of us – they make mistakes. The language of economics is built upon the iconic imagery of supply and demand curves, circular flow models, GDP growth curves and IS-LM models. Crucially, the nascent theory hinged on assuming that, for any given mix of preferences that consumers might have, there was just one price at which everyone who wanted to buy and everyone who wanted to sell would be satisfied, having bought or sold all that they wanted for that price. But its influence is wide and pervasive, the neo-liberal agenda has given us a society where there is now a vast chasm between the super-rich elite and the poor underclas. Random House Business Books, 2017 “Doughnut Economics proposes 7 fundamental shifts needed in today’s economic mindset if we – humanity – want to give ourselves half a chance of thriving together on this living planet in the 21st century.” But its influence is wide and pervasive, the neo-liberal agenda has given us a society where there is now a vast chasm between the super-rich elite and the poor underclass and where the single-minded pursuit of profit is degrading the world that we live in and are totally dependent on. Raworth’s proposal for 21st century economics draws on an amazing array of research and insights from diverse fields, including physics, systems thinking, sociology, psychology, sustainability, and economics. It might have led him to equally revolutionary insights into the nature of complex systems, thus transforming the history of science. The way we have typically envisioned the economy has not included all the right players--we are not all consumers or producers. ___ FEATURE Academic, economist and h • Doughnut Economics by Kate Raworth (Random House Business Books, £20). Yes. TED: Doughnut Economics. If you’re looking for free book summaries, this is the single-best page on the internet. "Economics in One Lesson," first published in 1946, is a good starting point for anyone who needs a thorough but not overly technical explanation of economics and how economies work. It would have changed the course of economics too, inspiring his economic admirers with a far more fruitful metaphor. Jump forwards almost two thousand years to Scotland, where Adam Smith decisively raised the focus of economics to the next level up again, the nation state, asking why some nations’ economies thrived while others stagnated. By (author) Kate Raworth. Kate Raworth's ambitious fairytale for adults encompasses Life, the Universe and Everything. And it continually draws in energy and matter from Earth’s materials and living systems, while expelling waste heat and matter back out into it. . Doughnut Economics: Seven Ways to Think Like a 21st-Century Economist. Why simply take nothing when you could also give something?”, “From Taoism’s yin yang and the Māori takarangi to Buddhism’s endless knot and the Celtic double spiral, each design invokes a continual dynamic dance between complementary forces.”, “This wider perspective of the throughflow of energy and materials invites us to imagine the economy as a super-organism—think giant slug—that demands a continual intake of matter and energy from Earth’s sources, and delivers a continual stream of waste matter and waste heat into its sinks. I am not an economist but have been in business for 25 years and regularly enjoy reading business and economic texts. 4.21 (4,695 ratings by Goodreads) Paperback. Most of these gases occur naturally in the atmosphere and, together with water vapour, act like a blanket around the Earth, keeping its surface much warmer than it otherwise would be.”, “as the architect and designer William McDonough has put it, the avid pursuit of resource efficiency is simply not enough. The costs are huge and irreparable. My Exfam colleague Kate Raworth’s book Doughnut Economics is launched today, and I think it’s going to be big. We don't have much left in the way of environmental buffers, we have way too much inequality, and for what? Book: Doughnut Economics: seven ways to think like a 21st century economist.Kate Raworth. In Doughnut Economics, Oxford academic Kate Raworth lays out the seven deadly mistakes of economics and offers a radical re-envisioning of the system that has brought us to the point of ruin. Welcome back. Error rating book. The Doughnut is a new way of thinking about sustainable economics in the twenty-first century. Politicians are reluctant to question the paradigm of endless economic growth. Goodreads employees are a very bookish bunch, so we asked our colleagues to... Economics is broken. Doughnut Economics is a really cute title. It is unfortunately not the only cringeworthy aspect of this book. It warns against ecological and economic overshoot but itself overshoots. But economic ideas … This is a common occurrence, time and time again these events have not been predicted, let alone prevented and they have caused serious harm to economies large and small. Raworth seeks to change the language of economics. Some of that solar energy, such as sunshine and wind, arrives in real time each day. And given enough time, all technical materials—from metals to plastics—will start to rust or decay. Everyone read this (and other books like it). Doughnut Economics shows just how pervasive outdated economic mindsets are. tagged: 2018-senegal Sense and Respond: How Successful Organizations Listen … Its worldwide goal is to ensure that no-one is left in the central hole, falling short on life’s essentials, while simultaneously ensuring that human activity doesn’t overshoot the outer crust by putting too much pressure on Earth’s life-supporting systems. I liked this book for so many reasons, but not least because she uses some of the same examples I've been using recently to explain ideas that have been troubling me for quite. The key tenet is that economic development has to be sustainable, a point that has been well rehearsed and widely accepted. a disc with a hole in the middle. “Depicting rational economic man as an isolated individual – unaffected by the choices of others – proved highly convenient for modelling the economy, but it was long questioned even from within the discipline. Its outdated theories have permitted a world in which extreme poverty persists while the wealth of the super-rich gr. ‘Being less bad is not being good,’ he says. But if the economy is so evidently embedded in the biosphere, how has economics so blatantly ignored”, “At this point in human history, the movement that best describes the progress we need is coming into dynamic balance by moving into the Doughnut’s safe and just space, eliminating both its shortfall and overshoot at the same time.”, “far from being a closed, circular loop, the economy is an open system with constant inflows and outflows of matter and energy. It warns against ecological and economic overshoot but itself overshoots in its wide-eyed claims and heterodox heresies. But the cuckoo chick hatches early, kicks other eggs and young out of the nest, then emits rapid calls to mimic a nest full of hungry offspring. I am not an economist but have been in business for 25 years and regularly enjoy reading business and economic texts. To see what your friends thought of this book, Kate Raworth's ambitious fairytale for adults encompasses Life, the Universe and Everything. Yet many of its basic assumptions are flawed. See you in the Action Lab! Kate Raworth is a renegade economist focused on exploring the economic mindset needed to address the 21st century’s social and ecological challenges, and is the creator of the Doughnut of social and planetary boundaries. However, I found the book annoying and one sided. Kate Raworth. Finally. Raworth argues that the economics still taught in most universities today – economics that emphasises endless growth as a fundamental measure of a nation’s success – is incredibly out of date. The dismal science has a propensity to be tedious and uninteresting to anyone outside its narrow sphere. Her internationally acclaimed idea of Doughnut Economics has been widely influential amongst sustainable development thinkers, progressive businesses and political activists, … Crises like the 2008 financial crash have proved as much – economists just didn’t see it coming. Finally. That fixation has been used to justify extreme inequalities of income and wealth coupled with unprecedented destruction of the living world. Doughnut Economics by Kate Raworth (Random House Business Books, £20). Economics is broken. My sense is that the goal she is seeking is very worthwhile, however, how we get there is not going to be easy. Chelsea Green Publishing, Feb 23, 2017 - Business & Economics - 320 pages. And for that condition to hold, the market’s buyers and sellers all had to be ‘price-takers’—no single actor being big enough to have sway over prices—and they had to be following the law of diminishing returns. The big read The Economist’s books of the year. Most Unique: Doughnut Economics . The references to the doughnut follow on nearly every page and it is clear that the author sees this as a great invention. None of this is news. However, I found the book annoying and one sided in its analysis. Economics is the world’s lingua franca, spoken by both business and government. On a planet with intricately structured ecosystems and a delicately balanced climate, this begs a now obvious question: how big can the global economy’s throughflow of matter and energy be in relation to the biosphere before it disrupts the very planetary life-support systems on which our well-being depends?”, “you need to know a thing or two about cuckoos because they are wily birds. It was thanks to the balance between real-time solar energy entering Earth’s atmosphere and heat escaping back out into space that Earth maintained a steady and benevolent average temperature during the Holocene. While it uses some dated examples, the underlying message remains relevant today: economics is best viewed as a long game that factors in both known and unknown elements that can influence outcomes. Her key idea has been the "donut model" for economics that tries to look at the wider system traditional economics is embedded in and uses this to recast existing systems to better meet the needs of everyone. As it happens, futurology is one tough doughnut to crack. Earth itself, however, is a closed system because almost no matter leaves or arrives on this planet: energy from the sun may flow through it, but materials can only cycle within it.”, “Governments have historically opted to tax what they could, rather than what they should, and it shows.”, “We live now, says Daly, in ‘Full World’, with an economy that exceeds Earth’s regenerative and absorptive capacity by over-harvesting sources such as fish and forests, and over-filling sinks such as the atmosphere and oceans.”, “The vast majority of energy that powers today’s global economy is from the sun. 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