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

by Kate Raworth

The focus of development, Sen argues, should be on ‘advancing the richness of human life, rather than the richness of the economy in which human beings live’.

four ethical principles for the twenty-first-century economist to consider. First, act in service to human prosperity in a flourishing web of life, recognising all that it depends upon. Second, respect autonomy in the communities that you serve by ensuring their engagement and consent, while remaining ever aware of the inequalities and differences that may lie within them. Third, be prudential in policymaking, seeking to minimise the risk of harm – especially to the most vulnerable – in the face of uncertainty. Lastly, work with humility, by making transparent the assumptions and shortcomings of your models, and by recognising alternative economic perspectives and tools.

‘The great task of the twenty-first century,’ writes the ecological thinker Peter Barnes, ‘is to build a new and vital commons sector that can resist enclosure and externalization by the market, protect the planet, and share the fruits of our common inheritances more equitably than is now the case.’

Profit is the law of business: that has to be considered, but not at the expense of human rights, environmental standards and community.’50