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The Circular Economy

Author

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  • Don Fullerton

Abstract

Research about the circular economy is dominated by engineers, architects, and social scientists in fields other than economics. The concepts they study can be useful in economic models of policies – to reduce virgin materials extraction, to encourage green design, and to make better use of products in ways that reduce waste. This essay attempts to discuss circular economy in economists’ language about market failures, distributional equity, and policies that can raise economic welfare by making the appropriate tradeoffs between fixing those market failures and achieving other social goals.

Suggested Citation

  • Don Fullerton, 2024. "The Circular Economy," NBER Working Papers 32419, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:32419
    Note: EEE PE
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    More about this item

    JEL classification:

    • H23 - Public Economics - - Taxation, Subsidies, and Revenue - - - Externalities; Redistributive Effects; Environmental Taxes and Subsidies
    • Q38 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Government Policy (includes OPEC Policy)
    • Q52 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Pollution Control Adoption and Costs; Distributional Effects; Employment Effects
    • Q53 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Air Pollution; Water Pollution; Noise; Hazardous Waste; Solid Waste; Recycling

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