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The Circular Economy

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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," CESifo Working Paper Series 11109, CESifo.
    • Handle: RePEc:ces:ceswps:_11109
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    File URL: https://www.cesifo.org/DocDL/cesifo1_wp11109.pdf
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    References listed on IDEAS

    as
    1. Shinsuke Tanaka & Kensuke Teshima & Eric Verhoogen, 2022. "North-South Displacement Effects of Environmental Regulation: The Case of Battery Recycling," American Economic Review: Insights, American Economic Association, vol. 4(3), pages 271-288, September.
    2. Don Fullerton & Thomas C. Kinnaman, 2002. "Garbage, Recycling, and Illicit Burning or Dumping," Chapters, in: Don Fullerton & Thomas C. Kinnaman (ed.), The Economics of Household Garbage and Recycling Behavior, chapter 2, pages 49-62, Edward Elgar Publishing.
    3. Palmer, Karen & Sigman, Hilary & Walls, Margaret, 1997. "The Cost of Reducing Municipal Solid Waste," Journal of Environmental Economics and Management, Elsevier, vol. 33(2), pages 128-150, June.
    4. Taha Imzilen & Christophe Lett & Emmanuel Chassot & Alexandra Maufroy & Michel Goujon & David M. Kaplan, 2022. "Recovery at sea of abandoned, lost or discarded drifting fish aggregating devices," Nature Sustainability, Nature, vol. 5(7), pages 593-602, July.
    5. Don Fullerton, 2001. "A Framework to Compare Environmental Policies," Southern Economic Journal, John Wiley & Sons, vol. 68(2), pages 224-248, October.
    6. Khanna, Madhu & Zilberman, David, 1997. "Incentives, precision technology and environmental protection," Ecological Economics, Elsevier, vol. 23(1), pages 25-43, October.
    7. Eichner, Thomas & Pethig, Rudiger, 2001. "Product Design and Efficient Management of Recycling and Waste Treatment," Journal of Environmental Economics and Management, Elsevier, vol. 41(1), pages 109-134, January.
    8. Sophie Bernard, 2019. "Multidimensional Green Product Design," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 72(4), pages 1183-1202, April.
    9. Don Fullerton & Callie W. Babbitt & Melissa M. Bilec & Shan He & Cindy Isenhour & Vikas Khanna & Eunsang Lee & Thomas L. Theis, 2022. "Introducing the Circular Economy to Economists," Annual Review of Resource Economics, Annual Reviews, vol. 14(1), pages 493-514, October.
    10. Taylor, Rebecca L.C., 2019. "Bag leakage: The effect of disposable carryout bag regulations on unregulated bags," Journal of Environmental Economics and Management, Elsevier, vol. 93(C), pages 254-271.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    disposal; dumping; environment; extraction; litter; policy; product design; recycling; remanufacturing; repair; reuse; social justice; sustainability;
    All these keywords.

    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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