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Circular Economy can Provide a Sustainable Global Society

Author

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  • Haradhan Kumar MOHAJAN

    (Assistant Professor, Department of Mathematics, Premier University, Chittagong, Bangladesh)

Abstract

Since the start of the Industrial Revolution about 260 years ago, the negative effects of the traditional linear economy (LE) have become a threat to the stability of the economies and natural ecosystems. The strength of climate change, reduction of environmental pollution, and integrity of ecosystems are essential issues for the survival of global humanity. According to LE resources for production are easily available and unlimited, and after use wastes are disposable. The circular economy (CE) is an alternative to the LE where the resources may be used for as long as possible. It tries to capture the value of existing products and materials and decreases the use of primary materials in industries. The CE is a part of environmental economics and beneficial to society. It keeps products, components, and materials at their highest utility and maximum value at all times. At present, CE is one of the most focused terms among environmental economic scientists. The aim of this study is the implementation of sustainable development strategies and the transition from LE towards CE.

Suggested Citation

  • Haradhan Kumar MOHAJAN, 2020. "Circular Economy can Provide a Sustainable Global Society," Journal of Economic Development, Environment and People, Alliance of Central-Eastern European Universities, vol. 9(3), pages 38-62, September.
    • Handle: RePEc:sph:rjedep:v:9:y:2020:i:3:p:38-62
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    References listed on IDEAS

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    1. D. Rachel Lombardi & Peter Laybourn, 2012. "Redefining Industrial Symbiosis," Journal of Industrial Ecology, Yale University, vol. 16(1), pages 28-37, February.
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    8. Walter R. Stahel, 2010. "The Performance Economy," Palgrave Macmillan Books, Palgrave Macmillan, edition 2, number 978-0-230-27490-7, December.
    9. Tobias Redlich & Manuel Moritz, 2016. "Bottom-up Economics. Foundations of a Theory of Distributed and Open Value Creation," Progress in IS, in: Jan-Peter Ferdinand & Ulrich Petschow & Sascha Dickel (ed.), The Decentralized and Networked Future of Value Creation, pages 27-57, Springer.
    10. Walter R. Stahel, 2010. "The Performance Economy," Palgrave Macmillan Books, Palgrave Macmillan, edition 0, number 978-0-230-28884-3, December.
    11. Genovese, Andrea & Acquaye, Adolf A. & Figueroa, Alejandro & Koh, S.C. Lenny, 2017. "Sustainable supply chain management and the transition towards a circular economy: Evidence and some applications," Omega, Elsevier, vol. 66(PB), pages 344-357.
    12. Iustin-Emanuel, ALEXANDRU & Alexandru, TASNADI, 2014. "From Circular Economy To Blue Economy," Management Strategies Journal, Constantin Brancoveanu University, vol. 26(4), pages 197-203.
    13. Mohajan, Haradhan, 2015. "Planetary Boundaries Must not be Crossed for the Survival of Humanity," MPRA Paper 83003, University Library of Munich, Germany, revised 11 Dec 2015.
    14. Mohajan, Haradhan, 2019. "The First Industrial Revolution: Creation of a New Global Human Era," MPRA Paper 96644, University Library of Munich, Germany, revised 17 Jul 2019.
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    Citations

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    Cited by:

    1. Mohajan, Haradhan, 2021. "Germany is Ahead to Implement Sustainable Circular Economy," MPRA Paper 108566, University Library of Munich, Germany, revised 20 Jun 2021.
    2. Mohajan, Haradhan, 2021. "Circular Economy in China: Towards the Progress," MPRA Paper 109281, University Library of Munich, Germany, revised 03 Aug 2021.
    3. Mohajan, Devajit & Mohajan, Haradhan, 2023. "Economic Situations of Lagrange Multiplier When Costs of Various Inputs Increase for Nonlinear Budget Constraint," MPRA Paper 116879, University Library of Munich, Germany, revised 12 Feb 2023.
    4. Mohajan, Devajit & Mohajan, Haradhan, 2023. "Various Problems Arise in Industrial Economics If Wage Rate Increases: A Study for Nonlinear Budget Constraint," MPRA Paper 117553, University Library of Munich, Germany, revised 04 Apr 2023.
    5. Christoph Helbig & Jonas Huether & Charlotte Joachimsthaler & Christian Lehmann & Simone Raatz & Andrea Thorenz & Martin Faulstich & Axel Tuma, 2022. "A terminology for downcycling," Journal of Industrial Ecology, Yale University, vol. 26(4), pages 1164-1174, August.
    6. Mohajan, Devajit & Mohajan, Haradhan, 2023. "A Study on Nonlinear Budget Constraint of a Local Industrial Firm of Bangladesh: A Profit Maximization Investigation," MPRA Paper 117324, University Library of Munich, Germany, revised 27 Mar 2023.
    7. Mohajan, Devajit & Mohajan, Haradhan, 2023. "Sensitivity Analysis for Utility Maximization: A Study on Lagrange Multipliers and Commodity Coupons," MPRA Paper 117077, University Library of Munich, Germany, revised 06 Jan 2023.
    8. Mohajan, Devajit & Mohajan, Haradhan, 2023. "Economic Aspects of Profit Maximization if Cost of Principal Raw Material Increases," MPRA Paper 117453, University Library of Munich, Germany, revised 22 Mar 2023.
    9. Mohajan, Devajit & Mohajan, Haradhan, 2023. "The Responses of an Organization for the Increase in Wage Rates: Profit Maximization Cases," MPRA Paper 118238, University Library of Munich, Germany, revised 10 Jun 2023.
    10. Mohajan, Devajit & Mohajan, Haradhan, 2023. "Glaserian Grounded Theory and Straussian Grounded Theory: Two Standard Qualitative Research Approaches in Social Science," MPRA Paper 117017, University Library of Munich, Germany, revised 20 Feb 2023.
    11. Mohajan, Devajit & Mohajan, Haradhan, 2023. "Effects of Various Inputs for Increased Interest Rate of Capital: A Nonlinear Budget Constraint Consideration," MPRA Paper 118134, University Library of Munich, Germany, revised 06 May 2023.
    12. Mohajan, Devajit & Mohajan, Haradhan, 2023. "Sensitivity Analysis of Inputs of an Organization: A Profit Maximization Exploration," MPRA Paper 117121, University Library of Munich, Germany, revised 12 Mar 2023.
    13. Mohajan, Devajit & Mohajan, Haradhan, 2023. "An Economical Study When Cost of Irregular Raw Materials of an Industry Increases for Nonlinear Budget Constraint," MPRA Paper 118176, University Library of Munich, Germany, revised 05 May 2023.
    14. Mohajan, Devajit & Mohajan, Haradhan, 2023. "Economic Investigation of Lagrange Multiplier if Cost of Inputs and Budget Size of a Firm Increase: A Profit Maximization Endeavor," MPRA Paper 117993, University Library of Munich, Germany, revised 07 May 2023.
    15. Mohajan, Devajit & Mohajan, Haradhan, 2023. "A Study on Body Fat Percentage for Physical Fitness and Prevention of Obesity: A Two Compartment Model," MPRA Paper 117158, University Library of Munich, Germany, revised Feb 2023.
    16. Mohajan, Devajit & Mohajan, Haradhan, 2023. "Bulimia Nervosa: A Psychiatric Problem of Disorder," MPRA Paper 117258, University Library of Munich, Germany, revised 17 Mar 2023.
    17. Mohajan, Devajit & Mohajan, Haradhan, 2023. "Sensitivity Analysis between Lagrange Multipliers and Consumer Budget: Utility Maximization Case," MPRA Paper 116907, University Library of Munich, Germany, revised 19 Feb 2023.
    18. Mohajan, Devajit & Mohajan, Haradhan, 2023. "Mathematical Model for Nonlinear Budget Constraint: Economic Activities on Increased Budget," MPRA Paper 117299, University Library of Munich, Germany, revised 17 Mar 2023.
    19. Mohajan, Devajit & Mohajan, Haradhan, 2023. "Long-Term Regular Exercise Increases V̇O2max for Cardiorespiratory Fitness," MPRA Paper 116962, University Library of Munich, Germany, revised 04 Feb 2023.

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    More about this item

    Keywords

    Circular economy; Economic growth; Recycling; Reuse; Reduction; Sustainable development; SWOT analysis;
    All these keywords.

    JEL classification:

    • A1 - General Economics and Teaching - - General Economics
    • O1 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development
    • P2 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies

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