My undergraduate major was in Agricultural Economics. For years agriculture-related themes have taken up a larger proportion of my attention (and interest) than economic-related issues. The term Doughnut Economics, I have to admit, grabbed my attention because of the word doughnut. How can economics, a hard-core, rigid field, be shaped, represented, and interpreted as doughnut, a cheerful and colourful treat?
English economist Kate Raworth shows us how. The concept of Doughnut Economics was first published in 2012 with the aim of offering a vision of what it means for humanity to thrive in the 21st century. The Doughnut calls for meeting the needs of all people within the means of the living planet. The Doughnut’s inner ring depicts the social foundation which sets out the basics of life on which no one should be left falling short. The outer ring represents ecological ceiling of which humanity should put no further pressure beyond the planetary boundaries.
The social foundation ensures that no one is left falling short on life’s essentials while the ecological ceiling ensures that humanity does not overshoot planetary boundaries. The doughnut comes in between these two boundaries—the doughnut-shaped space lies between the boundaries represent an ecologically safe and socially just space in which humanity can thrive. Raworth emphasises on the urgent need to shift the mindset from endless growth (i.e. the GDP) to thriving in balance—the Doughnut.
The Doughnut concept has been applied to cities to reimagine and remake the urban space. Earlier this month the City of Barcelona in Spain announced its plan in embracing the tools and concepts of Doughnut Economics to guide actions to address the combat on climate emergency.
Raworth sets out the seven ways to think like a 21st century economist and posits that when the goal is to achieve human prosperity in a flourishing web of life the economy should be best thought of and drawn like a doughnut.