Raworth Doughnut Economics

Political economy

(Steuart) Science of domestic policy in free nations

(Smith) Goal-oriented science to supply revenue, sustenance to enable, and give state revenue

(Mills) Mankind in production of welath

Simon Kuznets

Developer of GNP to measure economic growth for FDR’s New deal project

Challenges of GNP

Only captures market value of goods and not value for households.

Market has now come to expect, demand, and depend on continous growth of GDP

Healthier ways to define Political Economy

• Human welfare and condition

• Development on fundamental needs like sustenance, participation, creativity, and belonging

• Richness in human life

Doughnut

Safespace between fulfillment of basic human needs but not abusing resources that negatively impact people, communities, or environment

• Considers ecological ceiling and basic social foundation

Inner Circle

Basic needs and components for good life

Ex: Food, sanitation, energy, housing, political voice, income, healthcare, networks

Outer circle

Limits of environment

• Ex: Climate change, Ozone layer, ocean acidification, pollution, freshwater withdrawals, land conversion,

Growth is

stupid