CIRCULAR ECONOMY: AN EXPLORATION OF ITS CONCEPT, SCHOOLS OF THOUGHT, DRIVERS AND STRATEGIES

Nosakhare Friday Uwaifo and Toluwa Ohidua

Journal of Academic Research in Economics, 2024, vol. 16, issue 2 (July), 417-427

Abstract: The circular economy is a paradigm shift from the traditional linear model of production and consumption where goods have to be used and dispose. Circular economy (CE) is a system where materials and products are continually reused, recycled, and refurbished to minimize the waste and to lesser the negative environmental impact. In recent times, business and government and the society at large have started recognizing the need to deviate from the take-make-dispose approach of production and consumption because the circular economy offer a promising framework for achieving economic prospect while reducing the environment challenges of the 21st century. Thus, the study tried to explore the concept of circular economy, its schools of thought, drivers and strategies. The study made use of the library research method. From our exploration of circular economy, we observed that CE is a pragmatic and economic viable strategy and it has the potential to drive innovation, redefine business model, and create new economic opportunity. Nevertheless the transition to circular economy has some challenges which require concerted effort from the government, individual, industries, and collaboration on a global scale to overcome.

Keywords: Circular Economy (CE); Cradle To Cradle; Industrial Ecology; Performance Economy. (search for similar items in EconPapers)
JEL-codes: M20 M31 M40 (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:shc:jaresh:v:16:y:2024:i:2:p:417-427

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