Fresh Economics Linda Pickering
As with all academic disciplines, economics is constantly re-inventing itself. This could not be more prevalent than during a global pandemic! The discipline has traditionally subscribed to linear models, whereby a good is created, then purchased, and finally consumed. More recently, models which hold
Doughnut Economics Whilst it might sound like a tasty snack, Doughnut Economics is actually a revolutionary way of conceptualising economies. Developed by Kate Raworth, Doughnut Economics seeks to balance the social needs of people as well as respecting the environment. It reimagines what economic success looks like. Instead of focusing on what a country’s Gross Domestic Product might be, Raworth would instead be interested in whether an economy sits within the ‘green doughnut’.
a more holistic view are rising in prominence. I believe this is largely due to the planet’s ever-depleting resources; namely, the push towards more environmentally conscious forms of production. Two such models which are gaining traction are Doughnut Economics and the Circular Economy. By now you’re probably feeling a little hungry and wondering where you can get one of these green doughnuts from. The green doughnut sits between the planet’s ecological ceiling and the social foundation. Shortfalls in the social aspect and overshoots in the ecological aspect are shown in red (climate change, nitrogen & phosphorous loading, land conversion, and biodiversity loss for those of you reading this in print). So, an economy which doesn’t deplete its environment and ensures its people are looked after would sit within the green doughnut. And it’s not just a fantasy; Amsterdam has committed to using Doughnut Economics, working with Raworth herself. The city also aims to become a fully circular economy by 2050. It would be exciting to see more economies take on this initiative.
Reference: https://www.kateraworth.com/doughnut/
44
Get a free ticket AND free parking when you park at uni without paying
