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. 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.
Written well before the pandemic – but it could not be more relevant. As we enter the era of public investment in basic income and negative interest rates, this prevents a compelling argument about how the global economy needs to be readjusted.
I think the best analogy in the book comes towards the end. We don’t expect a tree to grow endlessly – at some point we expect it to reach maturity so that we may gather its fruit.
That’s the point we’re at now. The world produces enough food – if only we could efficiently distribute it. With educational opportunities being available online, we can provide opportunities for all. We can create a world with minimum standards for all humans, and maximum levels of resource extraction.
The question is: do we have the will to do it?