Perspectives on Business Management, Economics & Information Technology (PBMEIT) Now also covers research on Psychology

PBME Volume I ISBN: 978-81-946245-3-0

CIRCULAR ECONOMY - A PARADIGM SHIFT FOR SUSTAINABLE DEVELOPMENT

Author(s): MANJU M. KAIMAL & DR. SAJOY P.B.

Abstract

Sustainable development meets the needs of the present generation without compromising the ability of the future generations to meet their own needs. The single use consumption behaviour of the economy (which is referred to as the linear economy model) has hampered the concept of sustainable development over the years. This linear economy model envisages the conversion of inputs into outputs which are to be disposed of after the consumption without any scope of recycling. This results in underutilization of inputs and add up to the wastage in the economy. This unsystematic production and consumption, tests the physical limits and hampers the sustainable development of the economy.

In such a situation, the concept of circular economy would be a powerful tool that would help revamp the economy and promote sustainable development. This model advocates 3R principles of reducing, reusing and recycling of materials. This results in multiple use of products with less waste generation which would be less harmful for the environment. The concept of circular economy helps the economy to live longer and become capable to cater the needs of both present and future generations. This chapter aims at discussing the concept of circular economy model and its benefits, from the viewpoint of sustainable development.

Keywords: circular economy model, linear economy model, sustainable development, recycle, reuse, reduce, waste

JEL Classification: A13, I31, O11, O13, Q01

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