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What theories of value (could) underpin our circular futures?

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  • Lowe, Benjamin H.
  • Genovese, Andrea

Abstract

The transition to a circular economy is often presented as a straightforward, neutral and apolitical process, characterised by an implicit techno-optimistic and eco-modernist stance. However, in their recent paper on ‘circular futures’, Bauwens et al. (2020) illustrate that the circular economy is best understood as an umbrella term that might come to define very contrasting visions of sustainable development. Despite this, there continues to be a lack of discussion about the basic assumptions regarding social and economic structures on which the circular economy should be based, with research predominantly focusing on technical and practical questions. Therefore, in this conceptual paper, we assess the a priori compatibility of different plausible configurations of the circular economy with the principal theories of value found in mainstream and heterodox economics. We argue that these futures are themselves value articulating institutions that implicitly adhere to a theory of value even if this is not recognised. Moreover, given that theories of value go to the heart of how economies and societies function and reproduce themselves, we argue that circular economy research should recognise the importance of value and acknowledge how value theory might enable or contradict the visions of sustainable development articulated.

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  • Lowe, Benjamin H. & Genovese, Andrea, 2022. "What theories of value (could) underpin our circular futures?," Ecological Economics, Elsevier, vol. 195(C).
    • Handle: RePEc:eee:ecolec:v:195:y:2022:i:c:s0921800922000441
    DOI: 10.1016/j.ecolecon.2022.107382
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    3. Froese, Tobias & Richter, Markus & Hofmann, Florian & Lüdeke-Freund, Florian, 2023. "Degrowth-oriented organisational value creation: A systematic literature review of case studies," Ecological Economics, Elsevier, vol. 207(C).
    4. Julian Kirchherr & Thomas Bauwens & Tomás B. Ramos, 2023. "Circular disruption: Concepts, enablers and ways ahead," Business Strategy and the Environment, Wiley Blackwell, vol. 32(3), pages 1005-1009, March.
    5. Lopes de Sousa Jabbour, Ana Beatriz & Chiappetta Jabbour, Charbel Jose & Choi, Tsan-Ming & Latan, Hengky, 2022. "‘Better together’: Evidence on the joint adoption of circular economy and industry 4.0 technologies," International Journal of Production Economics, Elsevier, vol. 252(C).

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