Circular Business Strategies and Quality of Life

Iben Bolund Nielsen and Henri Hakala
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Iben Bolund Nielsen: International Business and Entrepreneurship, School of Business and Management, Lappeenranta University of Technology, Yliopistonkatu 34, FI-53850 Lappeenranta, Finland
Henri Hakala: International Business and Entrepreneurship, School of Business and Management, Lappeenranta University of Technology, Yliopistonkatu 34, FI-53850 Lappeenranta, Finland

Sustainability, 2022, vol. 14, issue 3, 1-14

Abstract: Circular Economy (CE) and Quality of Life (QoL) are trending topics that have been researched extensively at both the local, regional and global levels. CE is often described as one of the key drivers of sustainability, and sustainability is one of the key drivers of improving QoL. However, studies that investigate the relationships between CE and QoL are rare, and a clear research gap exists. Therefore, this paper aims to initiate this discussion and bring forward illustrative examples on areas where CE could potentially have an impact on QoL, both on an individual and a societal level. By asking the question of how circular business strategies may impact QoL and how they relate, we investigate how CE can influence various aspects of QoL. We utilize the framework consisting of six CE strategies known under the acronym ReSOLVE to discuss how these CE strategies can be leveraged to impact QoL. Our discussion indicates a potential for both environmental and social gains through the implementation of circular product and service solutions. We also suggest that unintended consequences may occur, especially at the societal level. Hence, we propose that, while the discussion on CE has been focused on the environmental aspects of sustainability, the broader implications for QoL and other aspects of sustainability should also be included within the domain of CE implications. Hence, we propose that further research is necessary to develop a framework explaining the relationship between CE and QoL, encompassing both the positive and negative aspects.

Keywords: responsible business practice; circular economy; quality of life; business strategy; sustainability (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2022
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