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.  

Essay
Character
Culture
Film & TV
Leading
8 min read

In pursuit of greatness: a prayer for Timothée Chalamet

Fame is the new heaven, and the star is just being honest about getting there.
Timothee Chalamet, wearing  light yellow suit reposes in a seat a the Oscars, clasping his hands, his eyes closed.
Chalamet contemplates that Oscar.
ABC.

So, Timothée Chalamet didn’t win the Oscar. I feel sad for him. No one has campaigned for an Oscar more persistently. For the last few months he has been everywhere- popping up on podcasts, cruising with Kendrick Lamar, riding a bike to the red carpet, appearing as Timothée Chalamet in a Timothée Chalamet look-alike competition. All to win the hearts and minds of the academy. Even if his acting didn’t get him an Oscar, his Oscar campaign deserves one.   

And Oscar campaigns are big business. Ever since Harvey Weinstein upped the game, every studio has invested vast amounts in getting their film on the podium. The 97th Academy Awards (2025) paused briefly for an emotional reflection on the Palisades fires, a cause for which the Hollywood studios donated somewhere between five to fifteen million dollars. But I doubt they are as keen to a pause on the estimated half a billion dollars they each spent for their film to be at the awards in the first place.  

On the night itself, Chalamet lost out on being the youngest ever winner of the best actor award, to the previous (and therefore current) youngest ever winner, Adrien Brodie. Up to that point he seemed to be a shoo-in.  The Golden Globe was his. The SAG award was his. And his campaign was charming. Most people, including me, really like him. He was great as Paul Atreides in Dune. And as Wonka in, er… Wonka. And as [insert male character here] in Little Women – or was it Little House on the Prairie? (I always get those two mixed up). And, while I haven’t seen A Complete Unknown yet, the reports suggest he so embodied Bob Dylan on screen that he now needs an exorcism more than an Oscar. He deserves the awards.  

But his acceptance speech at the SAG award was informative. He does the usual – thanks his mum, the cast and crew – and then takes an abrupt left turn to address his pursuit of greatness. He acknowledges it is an unusual thing to say but makes it clear that he aims to be like his heroes – Daniel Day-Lewis, Marlon Brando, Viola Davis, both Michaels (Jordan and Phelps), indeed Dylan himself. But it is not entirely clear what he means by greatness. Does he mean virtuosity in the craft of acting? Or fame? Or both? If he doesn’t win the Oscar, will he still be great?   

Way back when in the mid-1980s, before podcasts and Oscar campaigns, literary scholar Leo Braudy published an ambitious book telling the story of Western civilisation through the lens of fame. The Frenzy of Renown argues that fame as we know it began with Alexander the Great, whose artefacts and exploits were designed to spread his name across the known world. He in turn became the model of godlike fame for Julius Caesar and the Romans.  

With the birth of Christianity, things became a little more confused. Fame and renown became ambivalent pursuits in a cosmos where true lasting greatness was conceived as greatness in the eyes of God. This was what allowed men and women to vanish anonymously into deserts and monasteries believing their names would be erased from the world but written in heaven. So many monastics went to their deaths issuing instructions for their writings to be burned, only to be disobeyed by zealous acolytes who disseminated their teaching in every conceivable direction. They must be delighted, gazing down from their heavenly repose, to see the pages they consigned to the flames available with 1-Click on Amazon. 

Approaching the modern era though, fame in its old guise returned with a vengeance. The Renaissance rediscovery of ancient Greece and Rome, and the invention of the printing press, allowed images and words to find a mass audience. Even Christians became less enamoured with retreating into monasteries, and more concerned with reaching the public. Thanks to this new technology, Luther in his most productive period produced more literature than all his opponents put together. He was the original early adopter. The church had never seen anything like it- a heretic who would not shut up.  

But he wasn’t the only heretic. Many who followed craved his fame but lacked his faith. Over time widespread belief in heaven eroded but the desire for life beyond death lingered. With no assurance of a God capable of remembering us, the only remaining option was to be remembered by others- ideally as many others as possible. By the nineteenth century Nietzsche was re-writing the words of Jesus. ‘He who humbles himself will be exalted’, said the gospels. But Nietzsche added a new cynical twist: ‘he who humbles himself wants to be exalted’. The age of the humblebrag had arrived. Even those who claim indifference to fame were not to be believed, they were simply pursuing notoriety by other means. Only two choices remained: the glories of fame or resentful anonymity. For the ancients immortality lay in fame. For the medievals it lay in heaven. But we live in a hybrid era – fame is the new heaven. 

So, when Chalamet speaks of greatness maybe he is just being honest. Maybe he is just saying out loud what most of us keep to ourselves. We fear being forgotten and to be great is to be remembered.  

And given that the self is not an object, not really a thing at all, any attempt to sum ourselves up with a tag line or a meme diminishes us even when intended to promote us. 

But there is a rarely acknowledged paradox to greatness. A paradox reflected in the way many English bible translations use the word ambition. At face value we could be forgiven for thinking the biblical writers were just plain confused about it. In one letter the apostle Paul warns us against ambition and in another he claims he’s relentlessly ambitious. Ambition is the worst of sins and somehow also the most commendable of attitudes. Make up your mind Paul! Which is it: ambition or no ambition? 

When peering under the hood of the English translation, we discover that ‘ambition’ is used to render two Greek terms that couldn’t be more different. One of them (the root word eritheia) is usually translated selfish ambition. Paul says it is unanimously bad. So bad in fact, he tells the Philippians not to do anything out of selfish ambition. It connotes strife and electioneering- the kind of self-interest that creates factions for its own advantage. Not one for the character wish-list.  

The other term for ambition strikes a markedly more wholesome tone. Paul uses it for his ambitions to preach and his desire to please God. At root, it’s the word philotimeomai, literally meaning the pursuit of that which is honourable. It forms the basis for arguably one of the most beautiful instructions in the entire canon: ‘Make it your ambition to lead a quiet life: You should mind your own business and work with your hands’. It speaks of the love, honour and inner stillness associated with the privilege of rising to a task. A contentment with life few of us ever achieve. 

Two qualitatively different experiences of ambition. One is the attentiveness that any serious person brings to whatever it is that occupies them. It’s how parents parent, how governors govern, how coders code, how actors act. It is the desire to do whatever we do well. The other is the desire for other people to know about it. When Chalamet speaks of greatness of course he means mastering the craft of the actor, but he also means gaining the recognition for having done so. He, like many of us, collapses two motives into one. The idea of being great without being seen-as-great becomes unimaginable. But being something, and being seen as something, are not the same something. 

Just contrast the experience of self we have in these two different pursuits. When we pursue excellence or skill – whether in painting or parenting, surfing or science – we generally achieve a state of self-forgetfulness. We do not think of ourselves but of that which we wish to master. We become absorbed in the challenge of learning the subtle nuances of our craft. If we get good at it, we know we are good at it, not because we’ve formed a high opinion of ourselves, but because we have repeated experience of doing it well. This can lead to something that looks like arrogance. Add a crowd and our performance is likely to improve. Challenge us to show our skill and we’re ready to prove it. We’d be idiotic to deny what we know in our bones.  

But in promoting ourselves, we relate to our self in a different way. Instead of forgetting the self in pursuit of something beyond the self, we construct a self to promote. The self becomes an object, a commodity, a list of saleable assets for the market. And given that the self is not an object, not really a thing at all, any attempt to sum ourselves up with a tag line or a meme diminishes us even when intended to promote us.  

Even worse, if we get stuck in the mode of self-promotion it can be so vivid and enticing, we lose touch with the moment-by-moment, concrete reality of our embodied existence.  

Who we imagine ourselves to be becomes hyper-real, more real to us than who we actually are. Life becomes an unwelcome interruption to our dreams. We gain the world but we lose our souls. It was the fear of this condition that provoked Thomas Merton to profanity in warning against it: 

If I had a message to my contemporaries, it is surely this: Be anything you like, be madmen, drunks, and bastards of every shape and form, but at all costs avoid one thing: success . . . If you are too obsessed with success, you will forget to live. 

If I had a prayer for Timothée Chalamet, it would be for greatness without self-consciousness. May he rise to the full magnificence of all he is meant to be without needing to know it. It is my prayer for all of us.  

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