Pluralism in Economics

Categories: EconomicsScience

Introduction

Nobel Prize has been awarded since 1901 with one general instructive criterion in Alfred Nobel’s will. However, I would use the measurement of substantially solving real-world issues and achieving sustainability as the criteria for selecting laureates in Economics. Hence, in my perspective, I would honor Kate Raworth, another female economist, as a promising Nobel Prize winner for her exceptional research on Doughnut Economics.

Criteria for awarding Nobel Prize

Nobel Prize, which is established by Alfred Nobel who was a Swedish industrialist and genius in manufacturing detonator and dynamite – all representatives of annihilation ironically, dedicated most of his wealth to award those people who have achieved significantly for the benefit of all mankind in Chemistry, Literature, Peace, Physics, Physiology or Medicine and Economics.

However, Nobel Prize in Economics was only introduced and funded by the Bank of Sweden in memory of Alfred Nobel since 1969. To date, Elinor Ostrom is the only female laureate, there will be more possibilities for female economists in the future since the Economics prize is moving to a more general social science domain as Rothschild predicted.

For all Nobel Prizes, the general criterion has been stated by the founding father Alfred Nobel in his will that “a prize should be awarded to those who shall have contributed substantially to mankind in any nationality”. Thus, the selection of Nobel Prize laureates is rather subjective. There are no specific objective methods for selecting prize laureates. Hence, for the awarding criteria, especially in Economics, I would prefer to implement the measurement of contribution for solving real-world issues and generating sustainable development, ultimately building a harmonious and sustainable environment economically, socially, politically for all humans in our planet.

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A promising Economic Nobel Prize Laureate

Kate Raworth, who is an English economist working for both Oxford and Cambridge University, is known for the creation of Doughnut Economics. Her Doughnut Economics, which has a significant influence on real world situations and sustainable development globally, has been translated into fifteen languages and was published in 20176. The book’s leitmotiv is to project conditions for a sustainable economy instead of emphasizing the economic growth and a special doughnut diagram which is a dynamic economic thinking model is created. To build a distributive and regenerative economy for the safe and just space for all humanity is her essential ambition. The doughnut diagram is visually exhibited by a dynamic system between the shortfall of social foundation and overshoot of ecological ceiling. The book was awarded as McKinsey Business Book of the Year and listed in the 2017 Financial Times4 as an immense success.

Why would she be one of the potential Nobel Prize laureates in Economics according to these criteria? I would argue it from the following three reasons. First of all, her work is fully qualified for Alfred Nobel’s will about those who have dedicated to benefit mankind substantively3. Unsurprisingly, the ultimate goal for her Doughnut Economics is to make sure that life’s basic needs, such as food, housing and healthcare, are supported by the sustainable economy without overshooting too much pressure on our ecological system on earth where we primarily inhabit. In her perspective, economic growth will just be an auxiliary means to build a sustainable economy for humans’ well-beings and resolve poverty worldwide. She has reconnected the global economy to the ultimate human goals which is almost ignored in pursuit of high economic growth rate for over several decades.

Furthermore, she has created a dynamic model that deal with our most pressing challenges worldwide. Seven ways and insights have been formulated to guide the development of global economy and applied to resolve pragmatic challenges nowadays. The doughnut model offers an accessible exemplary for getting into the safe and just region and exemplify on how individuals, companies, governments should implement the model in decision-making process. The seven ways are as follows: “changing the goal from GDP to Doughnut, changing from market with ‘invisible hand’ to embedded economy, changing from rational men to adaptable men, changing from equilibrium to dynamic complexity, building a distributive and regenerative economy, and being agnostic about economic growth” are the main principles in her study. The seven ways are heuristic to all people to make a change.

Moreover, she has depicted a visionary outline for solving real-world difficulties and cognitive change. She accentuates the internal social issues and external ecological issues that closely related to the economy and points out how we should abandon the addiction to GDP in order to make a regenerative and distributive economy that serve all people well. Nowadays we are too focused on the economic growth and ignore those momentous determinants that make humans prosper. What Kate Raworth argues is that we should change our perspective and focus on the economies that make humans flourish other than simply the growth at the expense of posterity’s benefits. Doughnut Economics presents a new compass to guide business strategy, public policy, and novel standards for economic success.

Conclusion

To conclude, based on the three reasons aforementioned, I would assert that Kate Raworth is more than qualified to be the next female Nobel Economics Prize winner potentially. She has created the doughnut economic model that help us confront the most pressing challenges we face today and enlightened us to design a regenerative and distributive economy for the well-being of all mankind, which is also reasonably in accordance with Alfred Nobel’s will. She has offered us a whole new perspective to evaluate the challenges we face today, dedicate to make a real cognitive change, and redesign our business systems and economies. Hence, she is eligible to be awarded with this honor.

References

  1. Alfred Nobel’s will. NobelPrize.org. Retrieve from https://www.nobelprize.org/alfred-nobel/alfred-nobels-will-2/.
  2. Ringertz, N. (2001). Alfred Nobel-his life and work. NobelPrize.org. Retrieve from https://www.nobelprize.org/alfred-nobel/alfred-nobel-his-life-and-work/.
  3. Doherty, P. (2006), “The Beginner’s Guide to Winning The Nobel Prize”, Columbia University Press.
  4. Holden, C (2002). “Lab-based Researchers Earn Prize in Economics”, Science.298.5593.528.
  5. Larsson, M. (2018). “How to win a science Nobel Prize”, BioZoom.
  6. Kate Raworth-exploring doughnut economics. About. Retrieve from https://www.kateraworth.com/about/.
  7. Diethelem, J. (2017). “Book View of Doughnut Economics: Seven Ways to Think Like a 21st Century Economist, Elsevier B.V.
  8. Kate Raworth-exploring doughnut economics. Doughnut. Retrieve from https://www.kateraworth.com/doughnut/.
  9. Raworth, K. (2017a). “Doughnut Economics: Seven Ways to Think Like a 21st Century Economist”, Chelsea Green Publishing.
  10. Krauss, J. (2018). “Review of Doughnut Economics: 7 Ways to Think Like a 21st Century Economics by Kate Raworth. Journal of World-Systems Research, Vol.24 Issue 2.
  11. Raworth, K. (2017b). “Seven Ways to Transform 21st Century Economics – and Economists”, Evonomics. Retrieve from http://evonomics.com/seven-ways-transform-21st-century-economics-economists/
  12. Raworth, K. (2017c). “A Doughnut for the Anthropocene: humanity’s compass in the 21st century”, Elsevier Ltd.

Cite this page

Pluralism in Economics. (2021, Apr 24). Retrieved from http://studymoose.com/pluralism-in-economics-essay

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