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A circular economy approach for sustainable economic development

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  • Soumyananda Dinda

Abstract

This paper focuses on the circular economy approach which is based on the principle of recycle of resources. It is an alternative to the existing linear economy that is based on the principle of 'take-make-dispose', which is unsustainable for economic growth due to limitation of resources in the world. This study especially set up a circular economy model for sustainable development in the frame work of endogenous economic growth incorporating waste as valuable stock for further production. The paper highlights (a) stock of waste accumulation, (b) dynamics of waste in closed-loop system and (c) economic growth path. Recycling economic activities contributes in the economic development with reuse of resources without degrading environment. This paper tangentially provides empirical support to our model for sustainable development.

Suggested Citation

  • Soumyananda Dinda, 2020. "A circular economy approach for sustainable economic development," International Journal of Green Economics, Inderscience Enterprises Ltd, vol. 14(2), pages 174-189.
    • Handle: RePEc:ids:ijgrec:v:14:y:2020:i:2:p:174-189
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    More about this item

    Keywords

    circular economy; close-loop system; economic growth; linear economy; recycle of waste; sustainable development; take-make-dispose; waste.;
    All these keywords.

    JEL classification:

    • C01 - Mathematical and Quantitative Methods - - General - - - Econometrics
    • O1 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development
    • O4 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity
    • Q2 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation
    • Q53 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Air Pollution; Water Pollution; Noise; Hazardous Waste; Solid Waste; Recycling
    • Q56 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth

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