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a visual framework for sustainable development – shaped like a doughnut or lifebelt – combining the concept of planetary boundaries with the complementary concept of social boundaries. Moves away from GDP growth as an indicator.

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Encourages people to think like a 21st century economist with 7 principles of practice.

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Enlarging the second-hand market to extend lifespan of products e.g. clothes

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Doughnut economy represents the social and ecological ideals that we as a species should strive for for a better quality of life, not just for us but for our planet. Ideally we would like to be within the green band shown above in the diagram. This represents a regenerative and distributive economy. If we are inside the inner circle it is a negative as it implys there are negatives withing the social foundation. This applys to 3rd world countries in particular who may not have access to food water etc.

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Traditional economics doesn’t take sustainability into account and this is often met with a lack of critical thinking skills. This results in people just accepting what they have heard about economics for years and never innovating to meet the changing needs of our modern society. GDP growth is often seen as the indicator of economic success, however it fails to take into account life expectancy or happiness indicators. High income nations need to scale down their consumption levels in order to stop overstepping planetary boundaries.

Covid-19 has had an immense impact on society as a whole, but specifically on those who were vulnerable and already struggling in the economy. This has pushed these vulnerable people to the hole of the doughnut. The concept of doughnut economics aims to meet the needs of all people without breaking the planet’s boundaries. Amsterdam has now shifted its focus towards the concept of the doughnut economy as a result of Covid-19. New Zealand and Iceland are also leaders in the area of economic degrowth as they have removed GDP growth as one of their economic targets.

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Amsterdam to embrace ‘doughnut’ model to mend post-coronavirus economy

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Amsterdam to embrace ‘doughnut’ model to mend post-coronavirus economy

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https://www.google.ie/amp/s/amp.theguardian.com/world/2020/apr/08/amsterdam-doughnut-model-mend-post-coronavirus-economy

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GDP growth ignores well being practices. Eg USA & Costa Rica, Costa Rica has a higher life expectancy, higher happiness indicator but has 80% less GDP per capita than the US.

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Greater focus on generative value rather than just extracting for corporations