Economics – literally ‘the art of household management’ – could not be more relevant this century: we urgently need a new generation of economists who are ready to manage our planetary home in the interests of all its inhabitants. But the economic theories still taught in universities and used by policymakers worldwide are dangerously out of date. From climate change and the rise of the 1% to repeated financial crises, last-century’s theories are simply not up to tackling the central economic challenges of our times. Drawing on insights from diverse schools of thought – including complexity, ecological, feminist, behavioural and institutional economics – Kate Raworth argues that it’s time to rethink economics to make it fit for the 21st century.
Kate Raworth is a renegade economist focused on exploring the economic mindset needed to address the 21st century’s social and ecological challenges, and is the creator of the Doughnut of social and planetary boundaries. She is a Senior Visiting Research Associate at Oxford University’s Environmental Change Institute, where she teaches on the Masters in Environmental Change and Management. She is also a Senior Associate at the Cambridge Institute for Sustainability Leadership.