Doughnut Economics
Seven Ways to Think Like a 21st-Century Economist
The diagrams economists teach from leave out nature and the household, so she redrew them.
Raworth throws out the circular flow diagram at the centre of textbook economics because it hides the things that matter: the energy and materials coming from the natural world, and the household, state and commons alongside the market. Her replacement image is a doughnut, with a social floor nobody should fall below and an ecological ceiling we cannot exceed. Seven ways to redraw the pictures economists teach from.
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George Monbiot
Raworth rejects the old circular flow diagrams that are central to mainstream economics. She argues that we need to show that we depend on energy inputs and materials from the natural world, for example, which circular flow diagrams don’t demonstrate. And we need to show all the different spheres—state, commons, household and market—and how they interact with each other.
Interview · September 2017
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