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
Character
Culture
Film & TV
Music
4 min read

We want to feel the main character energy of each of the Beatles

But is love all we need?

Jamie is Vicar of St Michael's Chester Square, London.

Four actors dressed in black stand together
The new cast.
Neal Street Productions.

One of the joys of moving into central London is the nostalgia. You can 'remember' anything in London, but for a Beatles fan like me (one year I was in the top one per cent of listeners globally on Spotify - impressive, I know - and it was before I had kids), the aesthetic of central London is deeply connected to the fab four. I'm aware it's not Liverpool but look what London has to offer fans of the fab four.  Abbey Road’s crossing, the rooftop performance in Savile Row, or the amount of time the fab four spent just here for the famous launch of Sgt Pepper. Walking around these streets with my headphones in, it's impossible not to smile at music that is faultlessly happy-making. 

Sir Sam Mendes, however, is taking the immersive Beatles experience to a whole new level. Four coordinated films will be released in 2028 in a stunning act of ambition and delayed gratification. Mendes' production company says it will be the first 'bingeable theatrical experience.' 

Now that the cast have been revealed, lots of questions remain: How long will the films be? Will they all be released at exactly the same time? Will there be Lord of the Rings viewing marathons? By the way - did you hear about the failed pitch for a Lord of the Rings film starring John as Gollum, Paul as Frodo, George as Gandalf and Ringo as Sam? We've missed that particular masterpiece, as Tolkien turned it down, as did Stanley Kubrick for that matter. The man it did fall to, Peter Jackson, recently also released a Beatles television experience in Get Back. Even for Beatles diehards like me I've not made it through all 468 minutes. But I saw enough to see Shakespeare being written. 

Screenwriter Peter Straughan (Wolf Hall, Conclave) said that the different script writers for the not-so-imminent upcoming four films were "firewalled off from each other", so we receive four takes truly inhabiting the shoes of each protagonist. Band members wanting their own 'main character energy'? Surely not! 

Only Mendes knows how the films will tie together. "Each one is told from the particular perspective of just one of the guys," Sir Sam told CinemaCon in Las Vegas on Monday. "They intersect in different ways - sometimes overlapping, sometimes not." 

"They're four very different human beings. Perhaps this is a chance to understand them a little more deeply. But together, all four films will tell the story of the greatest band in history." 

An omnipresent director still has infinite attention for each one us within a grander narrative arc. 

Lennon and McCartney are undeniably geniuses. But with the Beatles, they were always greater than the sum of their parts. Even the songs that were solos were credited to Lennon/McCartney. Their solo works, no disrespect, never quite reached the dizzying heights of their collective efforts. 

But a biopic for each bandmember is a terribly 2020s take. We want to feel that main character energy pulsing through our veins. While we want to feel part of something bigger, we want to feel that our lives are unique and distinct, not derivative (the latter not being a problem for The Beatles). 

But a quartet of films, "challenging the notion of what constitutes a trip to the movies", harmonising in new ways (remind you of anything as subversive and groundbreaking?) provides an utterly lovely step-change in cinema. There's been no shortage of Beatles biographies and films, but this new concept comes closer to art imitating life. Our lives have to be lived independently, but are somehow made more meaningful and rich in connection and collaboration with others.  

The philosopher Tom Morris wrote: "There are two striking human passions, the passion for uniqueness and the passion for union. Each of us wants to be recognised as a unique member of the human race. We want to stand apart from the crowd in some way. We want our own dignity and value. But at the same time, we have a passion for union, for belonging, even for merging our identities into a greater unity in which we can have a place, a role, a value.” 

Can those passions be held in tension? The Christian faith, while commending us to be outward-focused, does more than polyphonic films. It says that each of us are worthy of our own 'cinematic events'. Yes, we mightn't have started living until we have broken free from our own confines to the concerns of broader humanity, as Martin Luther King said, but an omnipresent director still has infinite attention for each one us within a grander narrative arc. 

All you need is love, they sang. But that love needs the perfect perspective of someone else. 

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