CIRCULAR ECONOMY: A NECESSARY APPROACH FOR LONG TERM SUSTAINABLE ECONOMIC DEVELOPMENT

Ioan Pä‚ceè˜ilä‚ () and Emilia Radu ()
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Ioan Pä‚ceè˜ilä‚: Institute of Biology Bucharest, Romanian Academy, Bucharest, Romania
Emilia Radu: Institute of Biology Bucharest, Romanian Academy, Bucharest, Romania

Management Research and Practice, 2024, vol. 16, issue 4, 26-35

Abstract: The evolution of humanity has been intricately tied to the availability of natural resources, which have supported survival and development throughout history. However, overexploitation of these resources, coupled with population growth, has led to their depletion, reaching a critical threshold that requires urgent solutions to prevent total exhaustion. The most viable solution lies in transitioning from the traditional linear economic model, which is predominant in current systems, to a circular economy model, where resources are reintegrated into the economic cycle after use, thereby reducing excessive consumption and minimizing waste. The shift towards a circular economy is a multifaceted and complex process that extends beyond redirecting industrial sectors. Historically, psycho-social aspects of consumer behavior have been largely overlooked in this transition. A comprehensive approach that integrates an understanding of the psychological and social drivers of daily consumption is essential for success. In light of this, the present paper explores the linear and circular economic models, emphasizing the social challenges that may arise during the shift and underscoring the importance of implementing best practices to engage consumers in the transition.

Keywords: Circular Economy; Linear Economy; individual consumption; resource depletion. (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:rom:mrpase:v:16:y:2024:i:4:p:26-35

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