In her book Doughnut Economics, Kate Raworth discusses the main aspects of the modern economy, the challenges of economic growth, and changes to be promoted in society. Despite my desire to find a purpose in economics, reading economic literature is not always easy to follow. Most books and articles contain various complex terms and definitions that confuse and frighten a novice reader. I admire the approach chosen by Raworth that differentiates her from other theorists by analyzing economics from new perspectives that can be interesting to non-economists. It is always a responsible step for me to learn the first chapters and realize if the whole book could attract my attention with time. At this moment, I got a chance to investigate the preface “Who Want to Be an Economist?” and the first chapter, “Change the Goal.” Each section has its purpose, and my major discovery is that it is necessary for modern economists to change something right now to achieve positive outcomes with time.
A preface of the book is a great opportunity for me to understand the main questions raised in the book and develop several personal and professional expectations. Raworth (2017) begins her discussion by mentioning the name of an ordinary student, Yuan Yang, who decided to study economics and got frustrated about her choice soon. On the one hand, I have many questions concerning such a dubious decision to begin the book about economics with severe criticism of economic theories and education in general. Raworth (2017) states that students either “walked away from economics or swallowed its theories whole and built a lucrative career out of their qualification” (p. 2). I think that not many individuals would like to proceed with studying the subject after such honest and provocative statements. On the other hand, I notice that the author challenges the reader and herself with the necessity to prove that economics is worth attention and research if correct priorities are set. Therefore, I wanted to continue reading the section and find out Raworth’s attitude toward economics that allowed her to create the Doughnut concept.
The financial crisis, student protests, and a symbolic revolution of economics are the themes that increase my desire to continue reading. I believe that, instead of supporting the readers in their choices to study economics, Raworth (2017) deliberately underlines that it is high time to reveal confusing old ideas and replace them with new ones for inspiration. I agree with the decision to address statistical facts, including the number of people who live in poverty, unemployment issues, overpopulation, and climate change, to support her position (Raworth, 2017). I like the idea of combining environmental, social, and economic concerns to show why to study economics from a new perspective. Mentioning such economists as John Maynard Keynes, Friedrich von Hayek, and Paul Samuelson makes me surf the web and improve my background knowledge about the importance of economic history and theoretical background. At the end of this section, I learn the essence of Doughnut Economics, with seven ways to think about a modern economist. They include changing the goal, seeing the big picture, nurturing human nature, getting savvy with systems, designing to distribute, creating to regenerate, and being agnostic about growth (Raworth, 2017). Each element has caught my attention, and I want to find out more about Doughnut Economics.
The chapter “Change the Goal” is devoted to the first layer of the doughnut in Raworth’s theory. I believe that the essence of conventional economic theory is that person’s satisfaction is based on the power of consumption and utility of ideas (Raworth, 2017). I have never thought that the growth of Gross Domestic Product (GDP) should be the major indicator of how successful or failed the economy is. Raworth (2017) shares the same position, and I admire her brevity to admit that society has been mistakenly obsessed with analyzing the conditions under which GDP could be changed instead of focusing on personal needs and interests within available resources. I am inspired by Raworth’s call to change the goal and promote Doughnut’s safety in creating economies at local and global levels. I begin asking more questions about how to recognize human and planet needs to be integrated into economic studies for achieving a dynamic balance. Again, I find her attention to the works and words of world-known theorists and economists like Amartya Sen, Donella Meadows, Joseph Stiglitz, and Jean Sismondi as the strength of this chapter. My insight is that it is not enough to share a new idea about the worth of economic change but to gather the opinions of different people and prove the correctness of her vision.
In general, my reflection on the offered readings is full of positive emotions and gratitude to Kate Raworth for her contributions to a better understanding of economic studies and their importance in human life. Regarding current social, political, and economic challenges, it is not always easy for a person to choose the economy for an educational purpose. However, right now, I am confident that my choice of the subject is correct. I am eager to continue reading this book and learn six more ways to think like the 21st-century economist. Although economics has failed people, it is my responsibility to change things and improve the overall situation in my country or even across the globe.
Reference
Raworth, K. (2017). Doughnut economics: Seven ways to think like a 21st-century economist. Chelsea Green Publishing.