Doughnut Economics: Seven Ways to Think Like a 21st-Century Economist

by Kate Raworth

Despite those careful caveats their hypothesis soon turned into a widely cited economic mantra, repeated in policy briefings, newspaper op-eds, and economics lectures worldwide: when it comes to pollution, growth – like a well-trained child – will clean up after itself. Some, like the pro-market economist Bruce Yandle, twisted this message into the much stronger claim that ‘economic growth helps to undo the damage done in earlier years. If economic growth is good for the environment, policies that stimulate growth (trade liberalisation, economic restructuring, price reform) ought to be good for the environment.’4 Yes, ‘no pain, no gain’ economics was back in town, this time recommending a perverse fitness regime for the living world. If you want clean air and water, healthy forests and oceans, then here’s the deal: it’s got to get worse before it gets better – and growth will make it better. So grit your teeth and feel the burn.