What do economists want? What is the economy for? Some say this can be explained by a long-standing joke.

Two economists are walking when they see a frozen lake. The first economist says to the other, "I'll pay you £100 to dive in." The second economist takes the £100 and dives in. He then turns to the first: "I'll pay you £100 to come and join me." So the second economist dives in and snatches the £100 back off him.

As they walk home, desolateVery sad, or a place that is bleak and empty. and blue with cold, the first economist looks at the second and remarks "I gave you £100 to dive in there, and then you gave me back the same £100 to dive in too. Was it all for nothing?"

"Not at all," replies the second economist indignantly. "We increased GDPShort for Gross Domestic Product, the measure of all the goods and services produced inside a country. by £200!"

And there it is: economists want growth. More specifically, they want a sustained increase in GPD over time. According to most theorists, growth means progress, despite the fact that natural resources are finite.

But in recent decades economists have begun to question whether we can balance economic growth with sustainability. Enter Kate Raworth, the daring thinker who encourages us to challenge the mantra that "more is more".

For Raworth, the availability of cheap fossil fuels has made rapid economic growth the norm. But this growth has not been matched by a rise in living standards, nor in human wellbeing. And in the meantime, our desperation to see GDP grow has led us to burn more and more fossil fuels, putting our climate, and our future, at risk.

Raworth asks us to imagine the economy as a ring doughnut. The hole in the middle is where people do not have enough of what they need, like food, clean water or access to healthcare. The outer edge of the doughnut is the limit of what our planet can handle without being destroyed, such as pollution or deforestation.

The goal is to live in the doughnut, in between the outer edge and the hole, where everyone has what they need without harming the planet.

For Raworth, it is all about balancing basic human needs with sustainability.

Her doughnut model is already being tested in several places, most notably in Amsterdam, Copenhagen, Cornwall and Leeds, and initial results are said to be promising.

Though Raworth acknowledges that her ideas are unorthodoxUnusual or unconventional. , she believes that all we need is a bit of hope. After all, she says, "sometimes the best form of protest is to propose something new".¹

Can hope alone create a better world? The new Labour government is set to reveal its first budget in the autumn, and few expect a radical programme on "social and ecological wellbeing". But should we accept anything less?

Is hope more powerful than solutions?

Yes: So many of us feel like we cannot understand economics just because we are not experts. But sometimes the best solutions are the most intuitive, and of course we should all prioritise a happier and healthier planet over endless growth.

No: Unfortunately, it is never as simple as it seems. If we opted for degrowthA theory that argues economic growth should be replaced as the central measure of economic development with economic, environmental and social justice., it is possible that millions or even billions would be plunged into poverty. Our standard of living relies on GDP growing at a reliable rate.

Or... We cannot build a politics based entirely on hope. Ultimately, we need people with expertise to strategise and move us in the right direction at a gradual, sustainable pace.