Challenges of the Circular Economy: Inequality and Economic Behavior

Dumitrescu-Popa Ioana-Silvia (), Chita Elena-Iulia (), Craciun Maria Alexandra () and Panait Mihnea ()
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Dumitrescu-Popa Ioana-Silvia: Bucharest University of Economic Studies, Bucharest, Romania
Chita Elena-Iulia: Bucharest University of Economic Studies, Bucharest, Romania
Craciun Maria Alexandra: Bucharest University of Economic Studies, Bucharest, Romania
Panait Mihnea: The Bucharest University of Economic Studies, Bucharest, Romania

Proceedings of the International Conference on Business Excellence, 2024, vol. 18, issue 1, 798-810

Abstract: The move towards a circular economy is a challenging journey. It has gained a lot of recognition in recent years as a sustainable alternative to traditional production and manufacturing of goods, mainly due to its potential for minimisation of waste and promotion of resource efficiency through reusability and recycling. Nevertheless, this transition it’s also met with sufficient challenges that are linked with inequality in society as well as consumer behavior. Although the circular economy model is based on the principle of extending reusability of products and materials, its implementation is often difficult in practice. In low-income communities, in particular, the access to sustainable materials or practices is proven to be difficult and it’s often linked with disparities in resource distribution. As well as inequality, consumer behavior also plays a major role in the success of implementing sustainable initiatives which are supporting the transition to a circular economy. Behavior is shaped by choices, cultural norms, economic incentives and individual preferences, which have a significant influence on how sustainable consumers are or have the potential of being. This article considers inequality and consumer behavior and underscores some of the challenges to fully transition to a circular economy. This study also seeks to identify the barriers to transition to circular economy practices and opportunities to overcome them. Through developing inclusive policies, promoting sustainable consumption, and empowering stakeholders across society, we can navigate towards a more equitable and resilient future.

Keywords: circular economy; behavioral economics; sustainability; consumer behavior; business innovation (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:vrs:poicbe:v:18:y:2024:i:1:p:798-810:n:1016

DOI: 10.2478/picbe-2024-0070

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