Modern economics Economics is stupid, remember? It is modeled on ridiculous assumptions like perfectly rational egotistical actors, or efficient and fully transparent markets. It exists in an intellectual bubble where even the most relevant developments made in other fields are dismissed as mere “externalities” unworthy of recognition within economic theory. And it simply does not work, because it provides economists with almost no capability to predict the future development of a market or society, to calculate the effect of a new policy, or to prevent the next crisis. Fortunately, economists start to see it the same way. Doughnut Economics by Kate Raworth pictures a way towards a modern, sensible economic theory. I may be a bit unfair, and there certainly is more to economics than stupid ways to put a price on things. Nevertheless, one central question has always been how to measure or evaluate alternatives, be it on individual or governmental level. And regardless of the particular method of measurement, the “better” choice is defined as the one that yields “more”. More money, more GDP, more status. Economics expects, even demands, not only growth, but ever increasing growth rates. Growth of the growth, if you will. And that can…
