BOOK REVIEW:DOUGHNUT ECONOMICS

Twenty-first century economists should revolutionize mainstream economics, Kate Raworthsaid. Recently, mainstream economics has been heavily criticized. Apart from the latest 2008 global financial crisis, mainstream economics is criticized because its flawed theories that rely on market mechanism have resulted in shortfall on humanity’s needs, as shown by increasing inequality and deprivation, various conflicts around the worldas well as hunger and poverty that not only appear in poor countries, but also in developed countries.On the other hand, mainstream economic theories that support capitalistic behavior of business also taxed theearth’s ecological capacity and resources, as shown by increasing carbondioxide emissions, ocean acidification and air, water and soilpollution. Twenty first century economists and today’s economics students should develop new paradigmsand theories to solve those problems. Mainstream economic theories rooted in18th century philosophy and 20th century methodology are insufficient for today’s economists. Thus, the author proposed seven ways of mind shift for economists that will pave the wayto solvinghumanity’s future problems.