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Date: 2022-07-04 Page is: DBtxt001.php txt00016793

Thought Leaders
Kate Rayworth / Doughnut Economics

8th Way to Think Like a 21st Century Economist

Burgess COMMENTARY

Peter Burgess


School Winners of the 8th Way to Think Like a 21st Century Economist!

Back in January, Rethinking Economics and Doughnut Economics got together and launched a competition based on the ‘seven ways to think like a 21st century economist’ set out in Kate Raworth’s book Doughnut Economics. The challenge that we threw down was this:

We’ve been amazed and delighted to receive over 250 entries across three categories – schools, universities, and everyone else – covering a very wide range of themes. And we have been sent a brilliant array of ideas, perspectives, formats and presentations – from text, drawings, audio, and video, to animations, cartoons, prezis, and more.

In other words, we’ve been bowled over by the response. So here’s a very big thank you to everyone who has entered and shared their ideas so generously and creatively – we can’t wait to share them all back with you (keep an eye out for that, coming on Friday 7th June!).

Having assembled a crack team of new-economics judges, we asked them to select the entries that they felt conveyed the most brilliant and most important ideas, most compellingly told. They got to work – and today we are delighted to announce the winners of the Schools category.

First, we want to thank and congratulate every single school student who entered the competition – we were really impressed and inspired by the conviction inherent in the ideas you submitted, and the brilliant ways you shared them. We hope that every one of you will keep on rethinking economics to help make it fit for the century ahead.

As for our winners – here’s goes, with a big drum roll……!

SCHOOLS – FIRST PLACE:

‘From Division of Labour to Cohesive Partnership’ by Presence Tse



Doughnut economics competition

98 views

P T Uploaded on Apr 10, 2019

Category People & Blogs

Presence Tse Our judges say:

Congratulations, Presence for this powerful, personal and punchy way of conveying such important ideas in a way that everyone can understand. Yes we must recognise humanity’s limits alongside planetary limits – you make your case convincingly and memorably – Kate Raworth

A powerful call for an economics that puts people at its centre. You said in your video that ‘you’re not an economist’ – well I think this entry disproves that theory! – Ross Cathcart

Three runners up (in alphabetical order)
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RUNNER UP: ‘Valuing Sustainability in the Price Mechanism’ by Karanvir Singh Kumar

Intrinsically Valuing Sustainability: The 8th Way To Think Like A 21st Century Economist



133 views

EconoBiz K Published on Apr 12, 2019

Donut Economics Competition Entry By Karanvir Singh Kumar

Category People & Blogs

Karanvir Singh Kumar

Our judges say:

The different parts of the argument fitted together well. I liked: the focus on the household as a way of thinking about consumers; the need for innovation to make sustainable living easy; and ‘mindfulness in demand and sustainability in supply’. Congratulations! – Naila Kabeer

Good substance with a clear presentation! – Nancy Folbre
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RUNNER UP: ‘Moderate the Fixation on Profits: from profit-obsessed to principle-driven’ by Yun Soo Park and Rhea Kale

Yun Soo Park and Rhea Kale

Our judges say:

A clever animation with a challenge to Adam Smith and the optimality of invisible hand solutions. Along with the focus on managers, you may want to focus more on the role of shareholders too – Naila Kabeer

Well done – I like both the argument and the presentation – Nancy Folbre
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RUNNER UP: ‘Cultural Awareness and Sensitivity‘ text (in the link) and drawing (below) by Micol Zubrickante

Dear Rethinking Economics Panel,

It is my pleasure to join the competition on the 8th way to think like 21st century economist. I saw my mother reading the book “Doughnut economics” and after searching online what’s behind the title, I found a web page with the competition announcement. I am also studying basics of economics at school and our teacher is putting a lot of emphases on green and sustainable growth, which got me into the thinking process.

I fully agree with Ms. Kate Raworth that we need a new world view, that we must reframe the problem and we must use new methods and approached to solve current issues. Indeed, if we use methods known by now, we will inevitably repeat previous problems. But how to obtain this new thinking?

I believe that the 8th way to think like the 21st century economist should be cultural awareness and sensibility. We, developed countries, subconsciously export our problems to the rest of the world assuming that our way of living, our way of thinking and doing is the right one. We transpose this approach through schools, universities, exchange programs, books, movies, music, development programs, investments, international collaboration etc. Through our limited world comprehension, we usually do not respect local cultures or attitudes, imposing on them our ways of living and therefore diffusing the same attitudes of unsustainable growth, endless consumption and unequal society.

By suggesting cultural awareness, we should consider two possibilities to act right away:

1. Why not to move Bretton Woods institutions into the Global South or at least into the cities that are considered advanced in meeting Sustainable Development Goals? I believe that by living and working in a sustainable environment, all the staff members of the World Bank or IMF as well as United Nations would be personally exposed to benefits of the green and sustainable living. Living and working in Copenhagen would provide another mindset and reflection to all these officers and would eventually contribute to more sustainable global cities and transportation programs, more social benefits and more thinking about equality. I also believe that major development organizations should move their Head Offices to the Global South, the least developed countries, in order to be closer to their problems and realities as well as cultural perceptions and expectations. Some developing countries are also performing very well in terms of SDG index progress or Happiness indexes. So why not Costa Rica instead of Washington D.C.? Similarly, experiencing different lifestyles and attitudes can open different perspectives, would it be developed or developing countries. Some countries are scoring high in happiness indexes but are not the torp performers in GDP growth rates. Still their people are happy, and discovering why and what created such a different attitude and expectation could be very helpful to all future economists, and not only, through their professional path.

2. The second possibility to cultivate more cultural aware economists would be through education. I believe that all economics students should have an exchange semester abroad in one of the sustainable countries/cities that are performing well according the SDG index. Again, by being exposed and personally living, studying and working in such an environment, students would naturally absorb sustainable growth and fair society’s benefits. Being confronted with it daily would result them by having this experience for the rest of their lives and reflecting in their later work and attitudes as economists. I have no doubt that USA students after living and experiencing sustainable city transportation in Scandinavia would have a natural tendency to project and work toward sustainable city projects in their future. Similarly having experienced social protection schemes would encourage all potential development economists to embed social fairness into future policies and programs. I believe therefore that cultural sensitivity and awareness can be cultivated in a young generation of economists, project managers or politicians only by giving possibility to experience an alternative way of living. Someone who lived all his life by using cars can not even imagine what a relief can be having a quick and reliable city transportation, no rush and stress, and still good for the environment. But while we all understand it rationally, these are only words till a person experiences benefits in person.

Providing these opportunities to young students as part of their educational program could help the new thinking seed to grow and to bring real deeds later. Similarly, by placing offices of major international organizations in a sustainable working environment, in countries and cities that lead by example, would help to transpose sustainable thinking into new policies and programs that are being designed for other countries.

I strongly believe that words or theoretical teaching can not fill the cultural awareness gap unless one lives and tries it. Discovering new ways of thinking and alternative forms of enjoying daily lives could help younger thinkers to build foundations for a new society.

I tried to draw this cultural awareness, which will be attached to my submission.

With warm regards,

Micol ZUBRICKAITE

European School of Varese, Italy S5 IT A

Our judges say:

Good emphasis on changing culture and mind sets by reversing the geography of power and interdisciplinary education – Naila Kabeer

Kudos for placing economics in the warm light of reality – you are absolutely right that context matters and shapes the possibilities that we consider real, and the realities that we consider possible. An imaginative illustration too! – Kate Raworth

*

So congratulations to all our Schools winners – now let’s get to work turning these ideas into reality.

Tomorrow (Wednesday 5th June) we’ll be announcing the winners of the Universities category, and on Thursday 6th June we’ll announce the winners among Everyone Else.

On Friday 7th June we’ll be turning this competition into a unique collaboration, so keep a look out for a brilliant celebration of all of the ideas submitted… Share this:
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8th Way to Think Like a 21st Century Economist



105 views



Yun Soo Park Published on Apr 11, 2019

Moderate the fixation on profits: From profit obsession to principle driven

A world in which the health of the economy is sustainably improved, negative externalities are curtailed, and workers are respected is one that is void of the profit motive in its current form. The first step towards such a utopia can be achieved by moderating firms’ fixation on profits. We need to replace it with something more sustainable and humane: the ‘principle motive’.

Bernard CONILH de BEYSSAC 1 hour ago
Can we really manage this proposed shift and still hold on shareholder capitalism ? I think it is incompatible. Profit has not the same definition for shareholders than for managers and for employees. For shareholders the profit is just financial and private and most of waht does is a 'cost'. For a manager profit is financial, technical and human, since he or she manages 'ressources' used to create value. Not everything is a cost since he or she has to invest in ressource management. For an employee profit is financial, social and a well-being issue : there is almost no real cost, everything is an investment as long there is a fair share of the wealth created, as long as the business model is redistributive and regenerative. Shareholders do not really care about the last two objectives since they can move their shares from one firm to another...
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The text being discussed is available at
https://www.kateraworth.com/2019/06/04/school-winners-of-the-8th-way-to-think-like-a-21st-century-economist/#
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