Kate Raworth’s book “Doughnut Economics” (2017) opens up the reader’s mind to the new possibilities within the modern world of economics. The author shares intriguing insights about the global market and the economic opportunities that individuals, entities, and the government should consider in their quest for returns on investments (Raworth, 2017). Further, Raworth presents compelling viewpoints on the strategies that should be explored in the process of transitioning to a sustainable world. This paper presents an in-depth review of the book “Doughnut Economics” (2017) by Kate Raworth.
Aim of Raworth’s Book
Raworth’s book aims to challenge the theoretical framework of the rational economic theory by positing that it fails to address the modern economic environment’s concerns. Furthermore, Raworth (2017) highlights the need to promote sustainability in the economic model design. The author further attacks the premise of balance and equilibrium from which rational economics theories are drawn (Raworth, 2017). The author argues that it is possible to realize the equal opportunity for all by redesigning economic models with humanity’s touch. In this regard, Raworth (2017) dismisses the capitalistic perspective in rational economics, whereby capital owners multiply their wealth, whereas the struggling majority continue being economically challenged. In summary, the book “Doughnut Economics” aims at fixing mainstream-economics by introducing seven strategic approaches through which the integration of humanity into economic frameworks achieves the needs of all individuals on the globe.
The Book’s Response to Author’s Objectives
Undoubtedly, the book responds effectively to the objectives outlined by Raworth Kate in her challenge of the mainstream-economics. In the presentation of the seven strategies and approaches through which the mainstream framework can be altered to incorporate the aspect of humanity for the realization of collective prosperity for the individuals on the planet. In the first approach outlined in the book, Raworth recommends a change in the goal by shifting focus from the Gross-Domestic-Product (GDP) to the Doughnut (Raworth, 2017). In the second strategy highlighted in the book, Raworth challenges modern economists to have a big-picture view of the economy. In this regard, Raworth urges economists to embrace an embedded economy and shift from a self-contained type of market.
Further, in the third strategy, Raworth highlights the need to nurture (foster) human nature and shift from the rational economic man’s view and factor in the aspect of social-adaptable humans. The fourth plan set out by Raworth aims at inspiring modern economists to get knowledge about the operations of systems by appreciating dynamic complexity. In the fifth and sixth approaches, the author outlines design models for distribution and creation for regeneration, respectively (Raworth, 2017). In the last response to the author’s goals, the book Doughnut Economics (2017) influences modern economists to develop an agnostic view about growth.
Feasibility of Raworth’s Model
Agreeably, I have a strong conviction that the economic model proposed by Raworth in the book is achievable and realistic. The feasibility of the model by Raworth lies in its proposition for a change in perspective from the mainstream approach to economics to a more practical and sustainable economic approach. For instance, the rational-oriented economic model failed to address the economic crisis’s concern since its recommendations lacked practical execution (Raworth, 2017). However, the model outlined in Raworth’s books advises economists to consider a shift from the traditional GDP approach and embrace a compelling and sustainable model of the doughnut economy. In this regard, I would consider the Doughnut Economic approach, especially due to its focus on finding solutions to the pressing economic issues in the global and domestic markets.
Effectiveness of Explanation of Theories
In my view, the book is extremely successful in providing explanations of the concepts and models that it highlights in the text. For instance, the use of illustrations in different sections of the book helps to enhance the reader’s understanding. Besides, the illustrations are essential in demonstrating the practicality of the economic models presented by the author. Agreeably, the Doughnut Economics matter is concisely, and comprehensively explained in the book for the reader’s simple analysis and review (Raworth, 2017). Indeed, I deeply feel and think that the models and theories presented in the book have a firm basis and foundation that inclines the element of sustainability and progress for humanity. The author shifts the reader’s focus from the traditional economic theory premised on equilibrium points to a more value-based economic approach contained in the doughnut principles.
Conclusion
The comprehensive review of Raworth Kate’s book “Doughnut Economics” (2017) has been effective for the discussion from the perspective of analysis. Raworth’s text aims at challenging the framework of the rational economic theory, which she claims fails to address the concerns of economic crisis. The book responds satisfactorily to the objectives outlined by Raworth Kate in her challenge of the mainstream-economics through the presentation of the seven (7) strategies. Without a doubt, I have a strong belief that the economic model proposed by Raworth in the text is attainable and practical.
Reference List
Raworth, K. (2017) Doughnut Economics: Seven ways to think like a 21st century economist. White River Junction: Chelsea Green Publishing.