The aim is to get all human beings out of the hole, i.e. A social foundation: The hole in the middle is the place where people are falling short on basic needs for a life of dignity and opportunity.The Doughnut diagram, Figure 1, consists of two concentric rings : It thus offers an alternative to the classic market-oriented economic model that takes into account that constant economic growth and related economic paradigms (such as cost-benefit analyses) frequently ignore the social and environmental costs entailed in products. The Doughnut framework offers a vision of what it means for humanity to thrive in the 21st century and explores the mindset needed to achieve this economic model. Source: Doughnut Economics Action Lab (DEAL) But what is the Doughnut Economics model about? The Doughnut: The Core Ideasįigure 1 The Doughnut of social and planetary boundaries. In 2017, Raworth’s bestselling book ‘Doughnut Economics: seven ways to think like a 21st century economist’ delved deeper into this revolutionary economic thinking.
The Doughnut Economics model was developed and explained by economist Kate Raworth in the 2012 Oxfam report ‘A safe and just space for humanity: can we live within the doughnut?’. This can be done by using the Doughnut Economics model.
Therefore, there is an urgent need to transform the current economic system. However, this aim is not compatible with the ecological limits of the Earth and the wellbeing of humanity. The richest countries aim to increase their gross domestic product (GDP) to infinity, which is translated into higher production and consumption rates. In our current economic system there is an obsession with growth.
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