How do we create a better economy?
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Can we call any economy “healthy” in the face of dwindling resources and growing inequality? What if we cut off our addiction to endless growth, and used a new compass for modern prosperity? One such compass is known as “doughnut economics,” which aims to meet the needs of people without overshooting Earth's ecological limits. Explore how this model reframes our economic systems.
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Additional Resources for you to Explore
If you're interested in the concept of doughnut economics, it's worth checking out the original TED Talk by Kate Raworth. For tools, stories, and a deeper dive of what doughnut economics looks like in practice, you might want to check out Doughnut Economics Action Lab.
A huge part of making doughnut economics a reality lies in transitioning our economy towards renewable and clean energy. The urgency for transformative measures to mitigate climate change has intensified. The World Economic Forum has released a special report to foster an effective global energy transition. The report details shortcomings, areas of hope and optimism, and what countries can do to supercharge an effective transition, while keeping their eye on affordability, availability, and sustainability.
You might also want to read up on ways global crises— such as COVID-19 and the war in Ukraine— have either stalled or hastened the pace of energy transitions at both a global and national scale. In this article, the authors take stock of global progress towards clean, affordable, secure energy. Amsterdam is using an innovative economic model to build a green recovery from the pandemic and is an example of doughnut economics in action.
A huge part of making doughnut economics a reality lies in transitioning our economy towards renewable and clean energy. The urgency for transformative measures to mitigate climate change has intensified. The World Economic Forum has released a special report to foster an effective global energy transition. The report details shortcomings, areas of hope and optimism, and what countries can do to supercharge an effective transition, while keeping their eye on affordability, availability, and sustainability.
You might also want to read up on ways global crises— such as COVID-19 and the war in Ukraine— have either stalled or hastened the pace of energy transitions at both a global and national scale. In this article, the authors take stock of global progress towards clean, affordable, secure energy. Amsterdam is using an innovative economic model to build a green recovery from the pandemic and is an example of doughnut economics in action.
I like the idea that the economy has to be balanced. It makes sense that exponential growth can not be maintained. Just like our population can grow exponentially without consequences, our economy can't either.
I agree with the idea that Kate Raworth discussed, how there needs to be a balance between the growth of the economy and the resources from the planet used to facilitate this growth. For years, the growth of the economy was done without considering the effect on the planet and its limits. Now that we understand the restrictions of resources and how the exponential growth has damaged our planet, the growth of the economy needs to level out.
If we can reshape the mindset of humans so that we only really purchase what is needed and not what we want in excess, then it won't be necessary to continue growing the economy and instead, we can focus our resources on keeping the planet healthy so that there is a place to continue having an economy at all in the future. I definitely do not think we can call our current economy healthy because it is only "healthy" for very few people compared to the entire world population. This is the people who consume and consume without thinking about the costs. But while some parts of the economy may seem healthy, it is at the cost of the earth, of the workers who produce things that are sold in unfair and harsh conditions.
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