Introduction to Doughnut Economics and questions to consider to apply this framework to your endeavor
Doughnut Economics framework by Kate Raworth
With this framework, thinker, researcher, and author Kate Raworth gives us a new model for cultivating economic growth, whereby, actually, we don’t focus on growth—for growth’s sake—and instead focus on balance.
As explained by Kate:
“The hole at the Doughnut’s centre reveals the proportion of people worldwide falling short on life’s essentials, such as food, water, healthcare and political freedom of expression–and a big part of humanity’s challenge is to get everyone out of that hole. At the same time, however, we cannot afford to be overshooting the Doughnut’s outer crust if we are to safeguard Earth’s life-giving systems, such as a stable climate, healthy oceans and a protective ozone layer, on which all our well being fundamentally depends.”
Kate advocates that the ideal space for our economies is to be in is the ‘dough’ of the doughnut, the space between the social foundation and the ecological ceiling. When we operate in this safe and just space, we both satisfy our needs and maintain earth’s health.
While this is a new unprecedented economic model, as Kate writes, “Whether or not this can be achieved in practice is another question: history doesn’t bode well, but economic possibilities may go far beyond our economic experience.” We’ll opt for trying for this possibility over doing nothing.
As economists and institutional leaders are applying this model on a more macro level to environmental, social and economic projects, we at The Big Whisper are applying this model on a more micro level to how we build our business.
These are the three core questions we’re asking ourselves to apply Doughnut Economics to our business:
What core emotional and/or social need(s) are we helping others to meet through what we are offering?
What are we doing to ensure no environmental harm with how we’re producing and selling our goods and services?
What are we doing to ensure we are giving back to the ecosystem that we are taking part in?