Bioeconomy and its role in the development of modern society

Vita Bugaychuk and Inna Grabchuk

Ekonomika, Journal for Economic Theory and Practice and Social Issues, 2018, vol. 25, issue 5

Abstract: The purpose of the article is to identify theoretical aspects of bioeconomy forming and main sources of its development in Ukraine. Research methodology. In the research process have been used such scientific methods: historical, dialectical, method of enquiry, comprehensive approach and comparative analysis. Research results. Peculiarities of development of environmental and economic revolution as well as peculiarities of formation and establishment of bioeconomy as a science have been highlighted. Main differences between bioeconomy and other sciences have been defined. The links between components of bioeconomy system have been analyzed. It’s been determined that the development of bioeconomy will prolong life of natural resources, reduce ecological pressure, and also allow improving the standard of living of humanity and obtaining additional value of products from using wastes. Elements of scientific novelty. It’s been established that bioeconomy as a science, in contrast to existing ones, studies management of resources and technologies on a circular basis. Practical significance. It’s been substantiated that bioeconomy is a new direction of economic development which reuses and processes recyclable materials, including wastes Bioeconomy creates conditions for multiple circular use of resources thus ensuring the growth of GDP and improving social and economic development of the country. It’s been uncovered that the bioeconomic direction of the modern society involves the biotechnology usage in the production processes that provide non-waste production or conversion through the recycling of various species of waste. Modern biotechnology also allows us to produce environmentally friendly products, while preserving the environment, which in many ways contributes to the development of methods for efficient and balanced economic activities. It’s been determined that color classification of technologies is a psychological motive to struggle against the problems which can be solved by using means of the latest biotechnologies. Application of biotechnologies creates the basis for a formation of bioeconomy as a system that uses biological resources for high-tech production. Tabl.: 1. Figs.: 2. Refs.: 14.

Keywords: Sustainability (search for similar items in EconPapers)
Date: 2018
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Persistent link: https://EconPapers.repec.org/RePEc:ags:sereko:411534

DOI: 10.22004/ag.econ.411534

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