The Glass Doughnut: Redefining Wealth MeasuremenT
Welcome to The Glass Doughnut, an interactive art installation presenting a fresh perspective on wealth measurement. Rather than relying on GDP, The Glass Doughnut, based on Kate Raworth's Doughnut Economics theory, proposes a more inclusive, sustainable model that balances economic activity, societal well-being, and environmental health.
Engage with this dynamic, doughnut-shaped sculpture that responds to your movements, symbolizing the interplay between our actions, economic choices, and their wider impacts.
The Glass Doughnut isn't merely art—it's a call to rethink modern life's metrics. Can we replace GDP? Can our economic system respect the planet and serve everyone? Join us as we explore a new, comprehensive measure of wealth, suited to the complexity of our interconnected world. Continue on towards the cause, effect & solution or remedy to the current measurement we are used to.
Cause:
The Limitations of GDP
Measuring Beyond GDP
The Gross Domestic Product (GDP), a creation of economist Simon Kuznets, has been a primary measure of economic progress for many decades. Yet, even Kuznets himself recognized its limitations. He understood that "economic welfare cannot be adequately measured unless the personal distribution of income is known." Learn more here
- GDP measures only market transactions, disregarding non-market activities that contribute to our economy i.e. work in the household / volunteer work
- GDP cannot account for income distribution and inequality
- GDP model promotes growth without considering the environmental impacts and sustainability
- GDP does not include the depletion of natural resources or the costs of environmental damage
*The Human Development Index (HDI) is a statistical tool used to measure a country's overall achievement in its social and economic dimensions. The social and economic dimensions of a country are measured in terms of human development, which is composed of three elements like Life Expectancy, Education Index & Income Index
How civilizations calculate empires' / nations wealth
Ancient empires like Roman and Egyptian gauged wealth by their abundant resources such as fertile lands, mineral wealth, and labor force.
During the Renaissance, nations assessed wealth by their trade networks, accumulated precious metals, and mercantile systems.
In the industrial revolution era, wealth was linked to the capacity to produce goods and efficiency in harnessing industrial technology.
Material Wealth and Territory
(Ancient to Middle Ages)
Trade and Commerce
(Renaissance to Industrial Revolution)
Economic Systems & Quality of Life
(20th century onwards)
transitioning mindsets:
embracing 21st century economic realities over 20th century growth obsessions
Effect:
The Costs of Mass Consumption and Globalization
Unmasking the True Costs
Economists like Jason Hickel and many more have highlighted the pitfalls of our current economic systems – mass consumption and globalization.
- The pursuit of unlimited economic growth is straining our planetary resources and leading to environmental degradation.
- Globalization often leads to inequality, with wealth concentrated among a small group of people and countries.
- Mass consumption, driven by our GDP-focused economy, is resulting in increased waste and pollution.
- The current economic model often undervalues vital societal functions like caregiving and community building.
problems with economic growth
Resource Drain
Constant economic growth uses up our limited natural resources too quickly, harming our environment
Wealth Gap
Economic growth often benefits a small group of people, increasing social and economic inequalities
Waste Culture
Growth promotes increased consumption and waste, which is not sustainable for the long term
Solution: Embracing the Doughnut Economics
A New Form of Measurement
Kate Raworth's Doughnut Economics proposes a holistic approach to measuring economic progress.
- Social Foundation: The inner circle of the doughnut represents a social foundation, encompassing aspects such as food security, education, income, and work. No one should fall short of this boundary.
- Ecological Ceiling: The outer circle of the doughnut represents an ecological ceiling, consisting of planetary boundaries like climate change, ozone layer depletion, and biodiversity loss. We must strive to avoid crossing this boundary.
- The Safe and Just Space: The space between the two circles is the safe and just space for humanity. It’s where economic activities should aim to occur.
Learn More:
The Doughnut Economics framework challenges us to meet the needs of all within the means of the planet. It promotes a regenerative and distributive economy:
REGENERATIVE
Systems are designed to use resources in sustainable cycles, reducing waste and regenerating natural systems.
DISTRIBUTIVE
Wealth generated is distributed equitably to benefit everyone in society.
In this new form of measurement, we recognize and respect the balance between human needs and the planetary boundaries. The Glass Doughnut art piece symbolizes this balance, inspiring us to reimagine our economic systems for a sustainable and inclusive future.
what other kind
of economic systems out there
Similar Economic Model:-
- The Human Development Index (HDI): Developed by the United Nations, the HDI measures a country’s level of social and economic development based on factors like life expectancy, education, and per capita income. It’s a broader assessment of a nation’s well-being beyond just economic output.
- The Genuine Progress Indicator (GPI): The GPI takes into account the economic value of the quality of life factors like leisure time and volunteer work, as well as the costs of negative effects such as pollution and crime. It’s an attempt to provide a more comprehensive view of a nation’s economic and social progress.
- Bhutan’s Gross National Happiness (GNH): This is a unique model that measures the collective happiness and well-being of a population. It considers economic, social, environmental, and cultural factors, reflecting a holistic approach to development.
- Circular Economy: This model focuses on the micro spectrum of sustainability, aiming to keep resources in use for as long as possible, extract the maximum value from them, then recover and regenerate products and materials at the end of their life cycle.
Other Alternative Movement
- Plan Degrowth
- Green Growth
about US
Unreality Kai
Homo Faber
Kaiyi Wong, better known as Unrealitykai, is a designer and digital artist who actively explores the possibilities of design in both reality and the virtual realm. Based in Malaysia, Kaiyi has established his own design studio ‘Unreality’, with a focus on architectural design and art. Kaiyi's work aims to challenge architectural paradigms and blur the boundary between art and architecture; and between virtual and reality.
Izealist
Homo Prospectus
Ihsan Zolkipli, also known as Izealist, is a visionary artist and futurist exploring the intersection of art, technology, and human potential. His artwork blends infographic visuals with esoteric concepts. He’s currently working at Experiential Design Team (“EDT”) as an Extended Reality (“XR”) producer. Ihsan is driven by a commitment to the development of humankind and believes in pushing boundaries to create a vision of the future where art and innovation intertwine.
Izealist and Unrealitykai will be working on this illuminating project. Their synergy brings together Izealist's passion for shedding light to social change concepts and Unreality Kai's exploration of the boundaries of reality, promising an experience that transcends traditional concepts of art and architecture. This collaboration represents the convergence of their unique artistic approaches, creating a multidimensional artistic experience that pushes the boundaries of imagination, and aims to provoke introspection and societal transformation.
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special thanks to
KC Tan
Hazerq
Contact
Phone
(+60) 13-388 9727
(+60) 12-707 3919
izealist@pm.me
kaiyiwong94@gmail.com
