Explainer

Economics

Culture

16 January 2024

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

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.

Explainer

Books

Culture

Film & TV

Monsters

Weirdness

17 October 2024

6 min read

Bled dry: some red flags for those who hope to date a vampire

A philosopher's guide to undying love.

Ryan Stark

Ryan is the author of A Guidebook to Monsters: Philosophy, Religion, and the Paranormal.

A modern vampire stairs at the face of his girlfried.

Kristen Stewart and Robert Pattinson in Twilight.

Lionsgate.

Writing from his new book, A Guidebook to Monsters, Ryan Stark delves into humanity’s undying passion for all things gothic. In the first of a two-part series, he asks what is so irresistible about vampires, what do we want from them, and what’s the deal with the armadillos?

Historians point to John Polidori’s The Vampyre as that vital moment in Western vampire lore when the grisly undead creature becomes instead a Casanova. London, 1819. Lord Ruthven, the suave vampire in question, seduces young women and orchestrates chaos in the lives of others—all for his own carnal pleasure. Importantly, he does this by way of persuasion, not rote coercion, which illustrates a key aspect of the modern vampires’ modus operandi. They prefer romance to compulsion, seduction to force. They prefer thrall, almost to the end, at which point the monster fully emerges and the victims fully grasp that their good senses have been compromised. But by then it is too late.

“None are more hopelessly enslaved than those who falsely believe they are free,” Goethe once observed. Similarly, none are more hopelessly enslaved than those who believe themselves to be dating vampires.

To resist, however, is easier said than done. Even Buffy the vampire slayer succumbs to thrall, so much so that she invites Dracula to bite her. And he happily obliges, if “happily” is possible in the mind of a vampire. Later, having sobered up from the ordeal, Buffy stakes the villain, but we are nonetheless left with an uneasy feeling. Despite all her experience, despite all her kung-fu knowhow, Buffy still crumbles in the wake of thrall, at least temporarily, putting herself in grave danger and eliciting from us a pressing set of questions. How could this have happened so easily? Will this happen again? Are women attracted to men in capes?

Much like kryptonite, vampire magic also affects Superman. Two vampires have so far succeeded in hypnotizing him. Crucifer, not fortunate in name, enthralls our protagonist and sends him on several errands, until the Man of Steel has a moment of clarity, as the alcoholics call it, at which point he punches the ancient vampire through the heart. Dracula, too, disguised as an aristocrat named Rominoff, charms our superhero rather easily and then bites him on the neck, only to explode—hilariously—on the premise that Superman’s blood is tinged with sunlight. A moment of dream logic used to subvert the expectation that superblood might somehow benefit the Count.

Lord Ruthven of Polidori fame also wanders into the DC Comic Book Universe and, per usual, charms his way through problems, until he inadvertently skewers himself on a war memorial. Before this happens, however, we get the strong impression that Ruthven could beguile Superman with ease, if given the chance: that pens are mightier than swords and always have been.

On the contrary, vampires have a long history of not pointing to Heaven. Instead, they gild the lily. In their attempt to out-gothic the gothic, they turn their style inwardly upon themselves.

Psychoanalysts observe that to empathize with sociopaths is to negate the self most dangerously. They are right, I think, and right—too—that self-erasure proves difficult to recognize at times, because it feels like love. Such is the predicament of those who hope to rendezvous with vampires. Perhaps they have a death wish, some will say, or maybe a savior syndrome, as if they are to save the brooding scoundrels. As if they can. Regardless, the monsters have another plan entirely. As an early church father once explained, those who dine with the devils should bring long spoons.

Not that vampires are particularly good at banquets. They inevitably exaggerate, like the Macbeths as they welcome King Duncan to the castle: “All our service,” the lady says, “in every point twice done and then done double.”

Or recall the embroidered hospitality of Bela Lugosi’s 1931 Dracula, caught between silent film and sound: “I bid you welcome,” he says, acting out the part as if the audience must see the motive on his face. A perfect moment when the silent cinema and talking pictures conspire to produce the quintessential vampire ethos, an overstated affectation framed for the modern age. The bow of pretended humility, the elongated gesture, the monumental gravity. The outfit.

Some speculate that if vampires were able to see themselves in mirrors, they would reconsider their wardrobes. We have reason to think otherwise. Of course, the true gothic is not the vampire aesthetic, because the true gothic always points to Heaven, as in Notre Dame Cathedral, for instance, or Westminster Abbey. On the contrary, vampires have a long history of not pointing to Heaven. Instead, they gild the lily. In their attempt to out-gothic the gothic, they turn their style inwardly upon themselves, incurvatus in se, which signals not grandeur but rather self-apotheosis. In essence, vampires are their own cathedrals, and with this premise proceed accordingly, candelabras in tow.

Longinus, in On the Sublime, uses the term “frigidity” to describe the emotional effect produced by such false grandeur. He means to convey both rhetorical and metaphysical coldness, as does Dante, who places the Devil in a block of ice at the Inferno’s gaudy center. As does Stanley Kubrick, too, who freezes the possessed Jack in the maze at the end of The Shining. And somewhere near the frozen middle of Hell we find the vampires, those who betrayed the strangers in their midst and preyed upon the lonely and the desperate. But now they only devour themselves. We are punished by our sins, not for them.

On a side note, and concerning the vampire’s many choristers, the opening scene of Lugosi’s Dracula features three armadillos. They wander about the castle and mind their own business, it seems, as wolves howl and spiders weave their webs. On how they got there we do not know, but the armadillos further confirm Longinus’s additional point that the ridiculous and the sublime bear a family resemblance.

What, then, are we to make of the vampires who sparkle and the vampires with souls? Or, if not in the direction of the dreamy, then in the theater of the absurd: Count Chocula, the mascot for a popular breakfast cereal, or the puppet Count von Count from the children’s program Sesame Street, who teaches viewers how to add and subtract—hitting all the numbers with his heavy Transylvanian accent. We might deem these manifestations too unserious to be taken seriously, but in fairness to the spirit of Count Chocula, perhaps something else happens here. Namely, we find more variations upon the culture-making effort to rehabilitate the demonic, and the almost demonic, as the case might be.

If the vampire could only find pleasure in chocolate, if he could laugh with children, if he could be loved like Bella loves Edward in The Twilight Saga, then maybe there is hope enough in the world for all of us. Indeed, maybe some vampires have grown tired of being vampires. That said, we do well to heed the old Transylvanian proverb, lest we over-empathize with the villains: the sane would do no good if they made themselves monsters to help the monsters.

A recent meme depicts the real Dracula in the company of Count Chocula, Count von Count, The Twilight Saga’s Edward, and several other less-than-scary princes of darkness, at which point Dracula laments that the vampires have lost their edge.

And, true, I have yet to comment on psychic vampires and flaming extroverts, which is an oversight to be sure. As a corrective, and by way of conclusion, I observe the following: for twenty-seven dollars, one can buy a beaker of psychic vampire repellent from Gwyneth Paltrow’s Goop Store in Beverly Hills, California. The Paper Crane Apothecary makes the product, which—with an essential blend of rosemary, lavender, and juniper—protects against the fiends who corner people at parties. At present, however, shipping will be difficult: the website tells me “This item is sold out.”

From A Guidebook to Monsters, Ryan J. Stark. Used by permission of Wipf and Stock Publishers.