Share the Doughnut

We've spent this last term studying the formulas used in everyday financial situations, such as loan payments. In a previous action project we determined what choices to make for our future, by determining income from our possible career choices. Now we are focusing on the economy and our place in it.

This final Action project for Economics is my idea for an 8th principle in 7 Ways to think like a 21st Century Economist. After looking into Kate Raworth's work about the 7 Ways to think like a 21st Century Economist, I thought about what else is important for economists today to think about. I realized that maybe it isn't about thinking, but about doing! We have 7 principles to follow, but how many people know about them, and how can they find out?

From U.S. Data, there are around 3.82 million economists in the United States. These are economists that have had several years of study in the history and current foundation of the economy. There are 329.5 million Americans today, which means only about 1.16% of Americans achieved the full knowledge and understanding of the economy that affects our society today. That leaves hundreds of millions of Americans without the proper knowledge of how our economy runs today and how that will affect the future.

ALL (2020), Logo Design for Idea of Economic Principle

The idea of the 8th economic principle is about sharing knowledge with not only other fellow economists but non-economists! As Raworth stated in her TED Talk Why it's for 'Doughnut Economics', "You can't walk away from economics, because economics surrounds us." Everyone is a part of economics, so it's crucial that we understand something that plays an enormous role in our lives. With this understanding, we need to ask an important question, how do we spread the word? Or better yet:

How do we share the doughnut?

For some context, for those who aren't familiar with Raworth's 7 Ways to Think Like a 21st Century Economist, the first chapter of her book focuses on her idea of the doughnut. It shows Kate Raworth's visualization of the social and planetary boundaries. Raworth believes that a healthy economy should be designed to thrive, not grow.

Raworth's donut is mainly broken down into three segments. The inner rim of the doughnut is the social foundation, while the outer rim is the ecological ceiling, leaving the doughnut itself, a safe and just space for humanity.

Seattle Foundation Blog (2018), Kate Raworth's Economic Doughnut

This is the kind of innovation that needs to be shared with consumers of the economy. The department of economics has information on the benefits of studying economy, "Economics majors are equipped with the language and skills to engage in public policy debates and act to advance economic and social progress." I am referring to this quote to show how learning about the economy would benefit our whole society. Sharing and educating one another about economics makes a difference in not only today's society but the future of the next leaders of our society.

Not everyone needs to be an economist, but if everyone could learn the basic fundamentals of the economy, we all would benefit. Knowledge is power, and as Kate Raworth has said "You can't walk away from economics. Economics surrounds us." We can achieve this by sharing and educating others, starting with a very important message that is the Doughnut.

CITATIONS

Doughnut Economics, www.seattlefoundation.org/Blog/Articles/2018/08/doughnut-economics-guest-blog.

“Economics.” Data USA, https://datausa.io/profile/cip/economics.

Holtz-Eakin, Douglas, et al. “The Economic Benefits of Educational Attainment.” AAF, 4 June 2019, www.americanactionforum.org/project/economic-benefits-educational-attainment/.

oakesrl1. “Department of Economics.” Why Study Economics?, 22 Sept. 2017, economics.appstate.edu/node/245.