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.

Review

Culture

Film & TV

Language

Music

14 November 2025

6 min read

The Phoenician Scheme - opening the mind to wider horizons

Wes Anderson's new film widens our vision to a bigger world

Oliver Wright

Oliver is a Junior Research Fellow at Pembroke College, Oxford, writing and speaking about theology and AI.

Characters from a Wes Anderson film sit in a stylish plane interior.

Benicio del Toro and Mia Threapleton star.

Wes Anderson’s latest film – The Phoenician Scheme – has caused as much confusion amongst critics and viewers as it has the usual delight. It tells the story of Anatole – Zsa-Zsa – Korda, his mad-cap business scheme across an imagined near-Eastern world, and his growing relationship with his daughter (apparently), Liesl, a novitiate nun. There are the usual Anderson-ian tropes and characters, with superb cameos by Tom Hanks, Richard Ayoade, and Benedict Cumberbatch (worth watching in itself), and a real star turn for the young Liesl, Mia Threapleton.

I first watched it on a transatlantic flight (viewer advisory: there are several scenes in rickety planes). I was hooked from the first moment. Why? Not just the usual Anderson style and panache and dead-pan weird story and acting. It was the music. Anderson himself first trained as a musician. It shouldn’t be a surprise that amidst the rest of Anderson’s meticulously designed and curated world the music should carry so much meaning.

The opening scene (no spoiler, it’s in the trailer), involves the burning wreckage of a plane (viewer advisory). There are birds – crows, hovering. And from the wreckage, bloodied but unbowed, emerges Korda. We hear from a voiceover that this is by no means the first assassination attempt he has survived. It won’t be his last. But the music at this precise point? It is a dark and brooding short melodic fragment. Does this portray a dark and brooding – evil, even – presence in the main character? Indeed, this dark melodic fragment follows Korda around the whole film, a leitmotif.

But far from it. And this is what delighted me and hooked me. Because this isn’t just any old dark and brooding melodic fragment. It is the opening notes of Stravinsky’s magnificent ballet score, his first hit for the Russian impresario in Paris, Diaghilev and his ‘Ballets Russes’, The Firebird. Now here’s the fun thing. If you know the ballet, you know that it is the magic of the firebird’s feather which brings new life out of death in the ballet’s wonderful conclusion. And that is because the Firebird story itself is based on another mythical bird-creature – the phoenix (remember the title of the movie). The mythical phoenix is a bird which cyclically dies in flames, only to be reborn from the ashes to new life. So immediately, even though all we can see is the burnt-out wreckage of a plane, what we might think to ourselves if we know our Stravinsky, is that perhaps what this melodic fragment signifies, far from a brooding menacing presence, is someone who is constantly going to reemerge from the ashes to new life. In fact, I immediately felt I would be surprised if that wouldn’t happen. Korda himself says at a certain point ‘I won’t die, I never do’. Just from a musical fragment, the whole story can be seen in one glimpse.

There are two other Stravinsky ballets which Anderson skilfully deploys (although less intrusively than the Firebird theme): the joyous whirligig of the opening of Petrushka, and the searing epilogue of the ballet Apollo. Now the Petrushka music does seem to be associated with another character, just like Firebird is associated with Korda. In the movie, Petrushka appears in two moments of significance for Liesl, (apparently) Korda’s daughter, the novitiate nun (and therefore herself already intimately associated with music – The Sound of Music). But the telling thing here is that, unlike Firebird, Petrushka (the ballet) doesn’t end well for its eponymous puppet-hero. Petrushka is killed by another puppet, with only a fleeting appearance at the end as a ghost. So the music of the ballet of Petrushka, despite the excerpt we hear being full of joyousness and innocent youthful energy, and its association with Liesl, suggests that her journey in the film is going to go in a very different direction to the convent of her initial intentions. Once again, knowing the music and the whole pattern of it can foretell an entire history that will unfold, even just from a mere fragment.

Now the next thing that is so fascinating here is the combination of Stravinsky and Wes Anderson. Stravinsky wrote several ballet scores for the ‘Ballet Russes’ and Diaghilev in the glamour of Paris of the 1920s and 1930s (amongst other famous ones are The Rite of Spring (which caused a riot), Orpheus, and Pulcinella). They are highly stylised pieces, often returning to Classical ideas and tropes (musically, as well as in theme), presenting stylised and formal dances, tableaux. And whilst all these descriptions could be applied to Anderson’s films, The Phoenician Scheme itself presents a series of quirkily introduced tableaux, with their own distinctive characters and settings. And, in the concluding scene, set in a theatre, all the characters are present all at once. A miniature mechanical device representing all of Korda’s business interests appears on a stage. And the music at that point? The opening movement of Pictures at an Exhibition (by Mussorgsky, a Russian composer from the generation before Stravinsky), music which presents its own series of musical tableaux. Artistic tableau, musical tableau, ballet, and now film presented as a series of tableaux all coming together in Anderson’s fertile imagination.

But there is one last thing that is fascinating for us in this presentation of music and art and film and plot. There is a much earlier precursor for the technique I referred to above, of one musical fragment potentially carrying with it the implication and meaning of the whole work. That earlier precursor for this technique is found in the New Testament. The authors of the New Testament, especially Paul, were saturated in the texts which we now call the Old Testament, or what they thought of as their Scriptures (just as, we might say, Anderson is clearly saturated in Stravinsky). Scholars think the New Testament writers assumed a familiarity with those Scriptures in the hearers and readers of their new writings, or, alternatively, they were helping their hearers and readers newly think and imagine along the lines set out in the Scriptures. Time and again, as Richard Hays masterfully showed (in Echoes of Scripture in the Letters of Paul, and Echoes of Scripture in the Gospels), the authors resort to a technique called metalepsis. That is, in quoting or near quoting a few words or a phrase from their Scriptures, not only are the hearers/readers meant to understand that it is a quotation, but to import the sense of the entire passage or even book from which that miniature quotation emerges. It was Richard Hays’s groundbreaking work on this literary hermeneutical aspect which caused a sensation in New Testament studies in the 1980s and 1990s when it first emerged, because it opened up whole new lines of interpretation, without any question remaining about their veracity. What it means is that, as we read the New Testament, we have constantly to be aware of what Scriptures the writer had in mind, either consciously or semi-consciously, in order to allow that thought-world to permeate our reading. It is a reminder, whatever we are reading or watching or listening to, never to be too reductive about our own cultural horizons when we approach such a text, but to be listening and open and willing to be enlarged by the life-world of the text before us, as the great philosopher Paul Ricoeur used to say.

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