Explainer
Economics
Culture
6 min read

How to pick an economic approach that really adds up

Assessing doughnut economics, Paul Williams asks what’s the economy for and who does it really serve?

Paul Williams, the CEO of Bible Society, worked for over a decade in business in London and then as an academic theologian in Canada.

a round table with empty chairs is seen from above. An orange is the only item on it.
Meina Yin on Unsplash.

“Anyone can see that our economic system is broken.”

This is the conclusion of Kate Raworth, author of Doughnut Economics, and her assessment has garnered positive endorsements from figures as diverse as George Monbiot, Andrew Marr and Sir David Attenborough. 

Yet to judge by the discussion surrounding the Chancellor’s Autumn Statement, our political class is not included in this broad perspective that Raworth claims. In what is widely understood as the early skirmishes of an election campaign, anticipating the moment when the country’s voters have another opportunity to indicate the direction of travel they hope for, the focus is on who will be better or worse off by this or that tax cut or benefit change. If anything is broken it is not the economic system but something like ‘the government’s economic management’ (Labour) or ‘public sector productivity’ (Conservative).  

If you are worried, as Raworth is, by “relentless financial crises,” “extreme inequalities in wealth” and “remorseless pressure on the environment” then it seems that both the government and the opposition believe that the solution is more economic growth, albeit with some barely discernible differences in fiscal and regulatory policy. 

Our contemporary political discourse is dominated, regardless of party, by the mainstream economic paradigm in which the market generates economic growth and the state functions to keep things on track by taxing and redistributing some of the surplus to those who for whatever reason didn’t do as well as others in the process. It also provides some additional incentives to business and other organisations to act in the public interest, for instance by subsidising green energy or taxing fossil fuels. Both parties, it seems, support this approach. The difference between them concerns how best the state manages the economy to get the most out of it, how the resulting surplus is distributed, and what kind of further incentives are needed. 

Visualising doughnut economics

An economics diagram in the shape of a doughnut.
Source: Doughnut Economics Action Lab.

For Raworth, on the other hand, the first thing to ditch is the assumption that economic growth is the right goal to pursue. The ‘doughnut’ of doughnut economics is an alternative to GDP as a measure of progress. It name is derived from the visual depiction of the idea of an economy that operates in the space within two limits – ensuring the human rights of each person on the one hand, and staying within the means of the planet on the other. This concept refuses to conceptualise the economy as a closed system in distinction from the social and environmental systems on which it depends.  

Raworth also wants to shift the emphasis away from the individual rational chooser of economic theory toward a more social understanding of human flourishing. And in direct contrast to the mainstream paradigm sketched above, in which the market’s job is to deliver economic wealth and the state’s job is to worry about distribution and regulation, Raworth wants an economic system designed from the outset to ensure a more equal distribution and to actively regenerate the environment. 

The economic system itself is like an engine that can be put to whatever purpose you want. It generates wealth and wealth can be put to all kinds of uses, good or bad. 

How might we evaluate this? Nobody disagrees that financial crises, extreme inequality and environmental damage occur and are bad. A good number of mainstream economists find Raworth’s aims laudable and worth pursuing, because we do need a better measure of success and improved models of human behaviour and ways to incorporate and limit externalities like carbon emissions. Yet they also find her analysis of economics a caricature, as many of the developments in economics over the last few decades seem to be ignored. 

For her harshest critics, Raworth fails to give due credit to our current economic system for the incredible reduction in global poverty that it has already enabled, provides very little by way of actionable policy ideas, and is full of erudite but wishful thinking. 

Yet the popularity of Doughnut Economics reflects a deep sense amongst many of us (some mainstream economists included) that something is seriously wrong, alongside an instinctive identification with the kind of values and changes that Raworth seeks. 

 The vital question is: what is our economy for? If we can get a better sense of what purpose we want the economy to serve, it may prove easier to identify whether it is achieving that, or is in some sense ‘broken.’  

But to ask this question is immediately to step away from the mainstream paradigm that dominates our public discourse in framing the economy. For mainstream economics, questions of purpose are ethical questions and those questions are explicitly left to the actors within the economic system and the state acting on their behalf. The economic system itself is like an engine that can be put to whatever purpose you want. It generates wealth and wealth can be put to all kinds of uses, good or bad. 

These ancient texts suggest that our mainstream paradigm is seriously adrift if it imagines that our economic system is morally neutral.

For many people the idea that the economy itself can be separated from ethical questions will automatically raise an alarm. Certainly, for Christians it ought to. The Bible firmly resists the idea that wealth and its generation is morally neutral. Even the most superficial reading of the Scripture alerts to the inherently spiritual and moral quality of economic activity. Fruitful work is part of what it means to be made in the image of God in the garden of Eden. The product of work is offered to God in worship. The Law is full of commands to deal justly, use fair weights and measures, consider health and safety in the building of a house, and give yourself, your family and your animals a rest (to name but a few). Jesus tells us that you cannot serve both God and money. The pictures of the New Creation in both Old and New Testaments include economic imagery – The Old Testament book of Micah envisions an end to war with everyone living “under their own vine and fig tree” (a vision of peace and economic flourishing) and the New Testament book of Revelation depicts the product of human work being offered up in worship before the throne of God.  

Overall the Bible sees the economic, social and environmental dimensions of life as interwoven and interconnected. Take the Sabbath, for instance. It is not only workers who get (or are commanded to take) a Sabbath once a week. The command extends to the whole community - and even to animals. Every seven years, the Sabbath Year provides a rest for the land and for those struggling with debt – the land must be fallow and allowed to regenerate, and all outstanding debts cancelled. Sabbath and Jubilee are deeply intertwined (the Jubilee was effectively a sabbath of sabbaths, taking place after seven sabbath years) and the Jubilee was the theological paradigm chosen by Jesus to explain his own mission and ministry. Quoting the prophet Isaiah, he said:  

“The Spirit of the Lord is on me, because he has anointed me to proclaim good news to the poor. He has sent me to proclaim freedom for the captives, recovery of sight for the blind, to set the oppressed free, to proclaim the year of the Lord’s favour.” 

These ancient texts suggest that our mainstream paradigm is seriously adrift if it imagines that our economic system is morally neutral. And Raworth is closely aligned with the biblical vision insofar as she insists on the importance of an economy that exists not for its own sake, in some independent sphere, but explicitly to enable people, communities and creation to flourish together.  We need to ask what our economy is for. And this is as good an answer as you might find.  

Article
Belief
Culture
Music
5 min read

How Mumford and friends explore life's instability

Communing on fallibility, fear, grace, and love.

Jonathan is Team Rector for Wickford and Runwell. He is co-author of The Secret Chord, and writes on the arts.

A bassist hauls a double bass of its base as he plays it.
Daniel Boud/x.com/mumfordandsons.

“Serve God, love me, and mend” must rank as one of the more unexpected openings to a hugely popular album in the history of rock ‘n’ roll. A quote from Shakespeare’s Much Ado About Nothing, it introduces us to the potent mix of Shakespearean and Biblical allusion and imagery to be found on Mumford and Sons debut album Sign No More.  

Sigh No More, both as song and album, begins with confident assertions of faith then moves into acknowledgement of human fallibility and prevarication summed up in the Shakespearean phrase that “Man is a giddy thing” before asserting that love does not enslave but is freeing, enabling those who know it to become the people they were meant to be. The song ends with a prayer to see the beauty which will come when the protagonist’s heart is truly aligned with love. Throughout the album, the overriding concern is that personal fallibilities and fears – the darkness within – will prevent grace from having its full effect and the beauty of alignment with love from being fully realised. 

In many Mumford and Sons songs such personal instability is the problem to be resolved; “Man is a giddy thing”, “Why do I keep falling?”. Their search is often for the relationship or place that will provide stability:  

I can't say, "I'm sorry," if I'm always on the run 

From the anchor (‘Anchor’) 

‘Roll Away Your Stone’ describes the darkness within as a God-shaped hole filled with false gods: 

See you told me that I would find a hole 

Within the fragile substance of my soul 

And I have filled this void with things unreal 

And all the while my character it steals 

but this is not how life has to be: 

It seems that all my bridges have been burned 

But, you say that's exactly how this grace thing works 

It's not the long walk home 

That will change this heart 

But the welcome I receive with the restart 

Lead singer and songwriter Marcus Mumford knows how this grace thing works because, on the one hand, his parents founded the Vineyard Church UK and Ireland meaning he grew up in the context of grace and, on the other, he seems to have experienced grace personally in relation to the sexual abuse he suffered as a child (which was not experienced in his family or his church). In ‘Grace’ from his self-titled solo album he contrasts grace, flowing like a river, with the experience of acknowledging the abuse he endured and the healing for which he prays. 

Such biblical allusions and references abound in the songs of Mumford and Sons, as is also the case with some of those with whom they performed, supported or inspired. The Nu-folk movement of which the Mumford’s were part, began at a club called Bosun’s Locker in Fulham. There, with the likes of Laura Marling, Noah and the Whale, and others, their musical journey commenced. Noah and the Whale’s first album Peaceful, the World Lays Me Down featured philosophical rumination on a par with that of Sigh No More including lines such as: 

Oh, there is no endless devotion 

That is free from the force of erosion 

Oh, if you don't believe in God 

How can you believe in love?          

Following the closure of Bosun’s Locker, Ben Lovett from Mumford and Sons, with others, set up Communion Records, a network of musicians, songwriters, industry and music fans who all share a common philosophy and set of ideals. Among the artists supported by Communion have been Bear’s Den and Michael Kiwanuka. 

Bear’s Den is one of several bands, which also included Dry the River, that have used religious and spiritual symbols in their songs. Andrew Davie from Bear’s Den has said: “I wouldn't say I'm particularly religious, but I was brought up going to church every Sunday, I studied a bit of religion in school and just from going to Sunday school, it's almost that I know the stories so well, that I find it a cool way of telling more modern and more nuanced stories about my own life. As a backdrop to that I find it just constantly helpful and it's quite a powerful way to talk about things. It adds weight to me.” Similarly, Matthew Taylor of Dry the River said of the theological imagery in lead singer Peter Liddle’s songs: “It’s always been a tool for Peter I think, to use the imagery you’re talking about, to add weight to what he’s writing about. It’s rich imagery, and the ideas are ones that people can relate to easily, if there’s that familiarity there.” Both recognise, as do Mumford and Sons, the continuing power of Christian ideas and imagery and their resonance for young people. 

Michael Kiwanuka was surprised that his early song about faith ‘I’m Getting Ready’ was enthusiastically released first as the title song of an EP from Communion Records and then by Polydor as a single from his debut album Home Again. Kiwanuka, who is married to Christian singer Charlotte, has consistently expressed aspects of his faith through songs like ‘Love and Hate’, ‘One More Night’, ‘Solid Ground’, and ‘Floating Parade’. Alexis Petridis has noted that Kiwanuka sees more people searching for a belief system: “Having a faith in things now is, I think, a lot more acceptable, whatever faith it is. There’s no dogma, necessarily. We’re connected by the struggles we have and I think that’s what I’m singing about – being a human being and trying to overcome, which is what we’re all doing in a way.” 

Whether opening up space for bands to utilise the power of Christian imagery in their songs or enabling singers with a Christian faith to be heard on mainstream labels, Mumford and Sons, by example and support, have created opportunities for faith to be explored and appreciated. The response to their music, its themes, and those of artists with whom they connect, seems to reflect a growing openness to spirituality and faith. As they sang, together with Pharrell Williams, on ‘Good People’, “Welcome to the revelation”. 

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