Current Affairs31 Maj 2022

How to Get Past the Need for Endless Economic Growth (w/ "Doughnut Economics" author Kate Raworth)

Kate Raworth is an economist at Oxford University whose book Doughnut Economics: Seven Ways to Think Like a 21st Century Economist is a radical attempt to rethink foundational concepts in economics and create a new framework for a sustainable economy that does not depend on "infinite growth." Prof. Raworth shows how the ideology that growth needs to be "maximized" causes catastrophic ecological destruction while not even building an economy that serves human needs. She goes beyond critique of the dominant paradigm, however, and actually works out some new models that help us think more clearly about what the goals of economics should be and can replace simplistic neoliberal ideas with more sophisticated and realistic models of the way the world works. This conversation offers a useful introduction to Prof. Raworth's revolutionary ideas, which help us think more clearly about what matters and how to balance competing human and ecological needs in the 21st century.

Raworth's Doughnut, a diagram that helps us think about the targets for economic policy, which should aim to make sure the economy produces neither too little nor too much.

The article Nathan mentions about the term "development" is here. The episode with Jonathan Aldred discussing the moral assumptions built into economics is here. The books of Mariana Mazzucato, which Prof. Raworth recommends, are here. Prof. Raworth's TED talk, in which she succinctly explains some of her core ideas, is here.

CORRECTION: In the program, Nathan mentions a proposed highway expansion in Houston, which he says "is turning an 8-lane highway into a 12-lane highway," as an illustration of the insanity of continued highway expansion. In fact, the highway will be up to 24 lanes.

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